{"annotation_id":"e695d39c-945e-4d96-8742-b760ac8f7dbb","file_hash":"c9dddc9628431ddd0bdf0efd8b90675804f5d60cc512f4167e9093553890fd3d","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"b1c2567a-2729-4a53-bd89-22536def8797","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"3cb85c08-e2af-4913-924c-2a6dad0c6052","block_type":"box","text":"Supplement dated October 5, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"fc5736ab-476e-430e-ad5d-21bb4374f985","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":1,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"174b24a7-1da8-4aa9-8c30-46f43d9bfbbe","block_type":"box","text":"and Statement of Additional Information (the “SAI”)","page_number":1,"box":{"x":302,"y":116,"width":400,"height":12}},{"id":"c491364b-5302-4c4a-a859-15c18c148d93","block_type":"box","text":"for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA","page_number":1,"box":{"x":123,"y":131,"width":757,"height":13}},{"id":"a11911ac-dd90-49dc-8963-d6e0fd23b80f","block_type":"box","text":"Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S.","page_number":1,"box":{"x":144,"y":147,"width":716,"height":12}},{"id":"aab7b429-8a19-45be-8071-61c5b77cf9e7","block_type":"box","text":"Aerospace & Defense ETF (ITA) (each, a “Fund”)","page_number":1,"box":{"x":316,"y":162,"width":370,"height":13}},{"id":"4bdf0e7a-c6de-41c7-8d33-80bb858f098c","block_type":"box","text":"The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set","page_number":1,"box":{"x":116,"y":185,"width":760,"height":13}},{"id":"9b075248-aa1f-4a77-bb9c-2873c9ea91ba","block_type":"box","text":"out below. The Creation Unit size for each Fund will remain unchanged, as set out below.","page_number":1,"box":{"x":116,"y":201,"width":649,"height":13}},{"id":"23926577-785d-436f-a303-e092417c9b3e","block_type":"box","text":"Fund Name Ticker","page_number":1,"box":{"x":321,"y":228,"width":350,"height":10}},{"id":"814d13a0-fe93-4724-862f-a320113f4631","block_type":"box","text":"Forward","page_number":1,"box":{"x":692,"y":222,"width":67,"height":10}},{"id":"4deae187-b7ea-4be7-ad65-86fdf0f9082d","block_type":"box","text":"Split Ratio","page_number":1,"box":{"x":684,"y":235,"width":82,"height":12}},{"id":"3949c7ab-7901-46b7-9ad4-ac2b60f243ea","block_type":"box","text":"Shares Per","page_number":1,"box":{"x":786,"y":222,"width":84,"height":10}},{"id":"5c3107ee-632a-4c91-9f7b-25b61b520f75","block_type":"box","text":"Creation Unit","page_number":1,"box":{"x":776,"y":235,"width":104,"height":9}},{"id":"a4063f2f-a8be-4060-8c8b-75e8d838e275","block_type":"box","text":"iShares MSCI EAFE Growth ETF EFG 3:1 400,000","page_number":1,"box":{"x":123,"y":255,"width":737,"height":12}},{"id":"6b380cbe-16c6-425d-9587-1a917a2f3cbe","block_type":"box","text":"iShares MSCI EAFE Value ETF EFV 2:1 400,000","page_number":1,"box":{"x":123,"y":278,"width":737,"height":12}},{"id":"442fc894-7620-4585-856f-5ce87b4d1a49","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000","page_number":1,"box":{"x":123,"y":302,"width":733,"height":11}},{"id":"a596865a-f82a-41ae-96f9-45d08b07f34e","block_type":"box","text":"iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000","page_number":1,"box":{"x":123,"y":325,"width":733,"height":13}},{"id":"6c437267-342b-49a1-aa41-5933098cf285","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000","page_number":1,"box":{"x":123,"y":348,"width":733,"height":13}},{"id":"71e51345-4e0f-4634-b8b5-e08fafb3d781","block_type":"box","text":"The record date for the forward stock split will be November 3, 2026 and the stock split will be payable","page_number":1,"box":{"x":116,"y":379,"width":749,"height":13}},{"id":"db3551d4-8420-4be8-9a66-bd58dfb82478","block_type":"box","text":"after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading","page_number":1,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"cc9bb8c0-34fb-445d-b2e1-2923d19f12f8","block_type":"box","text":"on a split-adjusted basis on November 5, 2026, the ex-date.","page_number":1,"box":{"x":116,"y":410,"width":436,"height":13}},{"id":"cb652144-e8df-410c-9701-acb047313346","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":433,"width":521,"height":13}},{"id":"432ee8eb-8c72-4d9e-8c44-c8af4332f89c","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"81fa11f6-9810-4a97-9459-b01e0409d1d2","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"ebe45e96-a331-449b-a0bc-4dace6f6e04e","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"7525f7ac-afc7-4030-b24f-d0e3811ebcd6","block_type":"box","text":"IS-A-FS-1026","page_number":1,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"fab19d28-60cf-414a-856a-b07191e2434a","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"f9041c0d-b2ec-4a08-bde6-ae812c65de0a","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"21f7544d-16fc-428c-b0bf-bbb78a237b8d","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"8e67559e-e4a8-476b-83b7-6b64abce47e4","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"4fd72d19-db7d-40dc-b639-549660668971","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"82409c68-6bd3-41f1-ab3a-e51b60e40ee1","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"1dd53dd9-fc63-486a-bae3-cfad4ff60c48","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"7ae653b5-637e-4e03-b44e-01a0239aaa11","block_type":"box","text":"iShares, Inc.","page_number":5,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"ca1ee89b-d56d-42dc-a476-71a126459e19","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"3909d299-cc0b-4c80-a970-be0a1346620d","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":5,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"234ba874-0c70-4742-98ab-9ac5e9b18b1d","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"9ce81015-95fa-489a-a81e-83180fa5abbe","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":5,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"74272789-03f9-42fa-a652-fc5f6deff144","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":5,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"a4ed7721-5026-4b87-ae7e-0b4690afb7d8","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":5,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"202c4535-54b7-4064-9bf4-4f35ceae731e","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":5,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"aed0d09d-ae24-45be-853a-a121df7cf86d","block_type":"box","text":"is checked for the applicable Fund.","page_number":5,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"3a489388-5f80-413a-b9af-6b9461295455","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":5,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"bafa9a4d-1181-4cb7-8480-c3920802e83e","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":5,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"bb69c54c-0c22-4f9d-b0c4-0042ac5c1950","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":5,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"e83805d5-4ab3-4bc5-9417-dfb2287d032d","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":5,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"a2dfc839-1f61-40ed-bedc-7e83f67cf870","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":5,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"89f032f0-ca22-43b3-8a24-eda5be94ad87","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":5,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"73fbea3c-5361-4cf5-86f9-7965892cc04a","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":5,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"4dd57412-3376-48c5-b396-1aa9ec2cddf8","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":5,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"5b47cb35-9d04-4a19-bbc5-6c293449abaf","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":5,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"40e954ba-29b2-4d80-8ba7-7dba1402ce7c","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":5,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"51f5b9cd-96d5-4f21-ab37-f8ea37b17d58","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":5,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"d5d4abd5-b45b-43ef-ba99-da2a7f90b44c","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":5,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"016a673d-238c-4979-8a82-5d0654cccb8e","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":5,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"f5c5fa90-3f04-4f0b-9fe0-456cbb6dfe0f","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":5,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"eb39b9d8-3e44-44d9-b83e-266966ec25b7","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":5,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"389bc37f-bef2-43d2-837d-85d4f78e79ab","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":5,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"6b719a10-464d-45d3-bd69-123c9a7215a0","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":5,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"d93a032e-1554-45be-b612-86ad37605023","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":5,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"305b2f2a-5605-4c16-956d-032f2420333d","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":5,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"271d9aa3-251d-4574-be7f-1204b6fd9c97","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":5,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"21fa07d1-6417-4829-a837-b0383f3ef684","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":5,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"76daed38-6792-4455-8228-9c9e08838864","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":5,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"789158ef-5794-4a71-9c70-622639ce4337","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":5,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"63eed9b1-834c-47fa-a7ad-281540c47817","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":5,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"bb08728e-297c-4954-bf75-4ed7b35c9683","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":5,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"24061ee8-2568-46ea-abb4-391148de1a09","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":5,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"20fde5e2-b8f8-432b-84dd-7b03385eeb8e","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":5,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"fb062e58-a60e-40ed-8d62-96401eafcb2d","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":5,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"01c977ac-f030-4f52-9e91-c5d46038c9e1","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":5,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"faf0975f-b32d-4c04-914b-2e4dd6ca220e","block_type":"box","text":":","page_number":5,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"5641d7e5-c338-453c-9446-b7e668580c6b","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":5,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"c1d3b9dd-8a11-4d5d-bc8c-8122313b559f","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":5,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"116a7a21-6051-42b5-b374-2bb5260aff23","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":5,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"93167152-0110-4b74-8317-4851624028d2","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":5,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"99d19687-0906-4c9f-ab1d-e981e0a80de0","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":5,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"542a5644-176b-4a79-8b2f-160fab44863c","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":5,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"94686567-324c-4065-9c9f-cd6fe52f5143","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":5,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"aa323756-9b3d-4d74-988c-fc7e09ae0e68","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":5,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"28980161-78a9-42f7-a96a-7ad52b9616af","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":5,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"af5bc2c4-e84c-4987-b982-d178dd882204","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":5,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"6a748033-ad32-42ba-83e1-ae7b9992cf67","block_type":"box","text":"by such custodian.","page_number":5,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"06f16d5b-aac1-4f3f-9878-b3fba607e5dc","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":6,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"266b5e6d-30b2-4c03-9d46-0300dd5880aa","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":6,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"2e2fae64-5c27-43bb-baa6-f12892f127d1","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":6,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"e3c2eec9-11c1-47c1-9d7d-f47fc5d19890","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":6,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"e73f66e5-52a9-4299-b874-e05c4876f697","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":6,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"8081baaa-b7a9-4d5f-a30a-21a5ac6712cc","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":6,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"007be867-1adc-467f-840b-c4af321ad873","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":6,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"7a7a907d-06ec-4393-af2d-f721eb2bc427","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":6,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"477a8f24-8951-416c-a599-69e54a86ae78","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":6,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"4161fccd-1628-4df1-8714-adf7ed00f852","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":6,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"eb4e8b1c-341e-44ab-a5ad-c940994fd288","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":6,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"f479a4bb-f46e-41af-935b-a7339d720e97","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":6,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"f159636e-0836-4568-8fff-13272ba7bc4f","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":6,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"d6e3af72-2dbd-40c6-b844-1deb4acf4507","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":6,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"10e3c92d-8c11-4916-b32e-fa829aeb3cd7","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":6,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"2a8d315d-a752-4f97-a433-4f0cf6b17905","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":6,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"a096358c-21e8-4586-b446-55c172070d97","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":6,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"e7f03805-ae65-4685-b6e6-2aeb80eb48d4","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":6,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"7ffdad8c-1e31-46b3-8484-e0086ff7669d","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":6,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"c3b70d20-af29-4848-b769-02d9bde043d8","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":6,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"4f3864d8-3891-4099-9a31-60a67c0451b2","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":6,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"81ab4a52-6925-4c95-8aa2-09533a5bc827","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":6,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"a8d41602-7139-40ce-9a35-b7f38018e315","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":6,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"43733b7b-b434-440a-b2a9-34eb4d1fdbdf","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":6,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"9be74d0d-72e5-4308-a6cf-26de762c7cfe","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":6,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"2ba53ec4-e180-4c11-a16e-d27de7e2e326","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":6,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"4d58cfd1-a21d-4ab6-8870-85ff6caf89a1","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":6,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"878e067d-4f83-4dd2-bc9d-06992ef8489e","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":6,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"7f41a9bf-ad9a-4ffc-8ec8-dcd3e67b9243","block_type":"box","text":"Fund","page_number":6,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"0b966839-7f5d-4d40-9bc7-e059670db381","block_type":"box","text":"Standard Creation","page_number":6,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"ba94f579-8bca-42ef-9d6c-ba9dd42a33d7","block_type":"box","text":"Transaction Fee","page_number":6,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"8ed455b5-bf79-40b2-ba3a-d4aebb06f04a","block_type":"box","text":"Maximum Additional","page_number":6,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"9e1fcf44-a99c-4ce3-ae74-2d7a7f939f40","block_type":"box","text":"Charge*","page_number":6,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"9926d7e0-0e97-4ef7-a460-a57eda396ac6","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 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7.0%","page_number":6,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"35f1413c-ee83-4e2e-becc-1f5fbf2a27e9","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":6,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"9b90458b-33f6-4d9a-8ff6-859ec91cbef1","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":6,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"52a88b9c-f0ba-4a07-a1cb-bef895fc0a27","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":6,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"b02d0941-9aae-43a1-8f55-5d1cb843415f","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":6,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"155887e8-1bd3-4ee9-aa6e-6fdae509749e","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":6,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"85570275-bef5-4095-82f9-230bdd5ad31d","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":6,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"7e153a26-8e9a-4f68-a738-59e4f7d435a5","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":6,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"8a9d224c-0a54-42ad-ab2f-80013e493c78","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":6,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"3e7e96b4-5b9c-43b8-873d-b210017f43c0","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":6,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"f89e14b4-32aa-4033-a444-b84682833f0a","block_type":"box","text":"iShares MSCI Canada ETF $630 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7.0%","page_number":7,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"d6d7b26c-56bd-408e-8fba-dfa448fc9032","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":7,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"c374ce16-f4ff-439b-8a0b-a2fd021ff509","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":7,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"32f2a594-9857-4065-9e92-ce593c2669a3","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":7,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"b77792fe-918f-43a5-ae3a-a61a0c2014d5","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":7,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"4fa692b6-d705-4f2a-bb9f-6bbe6d981dfe","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 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7.0%","page_number":7,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"39a2c368-ebdf-47fe-bd4e-020993ef0c86","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":7,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"02f4265f-99e9-49a0-8f3d-e20813085ffc","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":7,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"02ed32fd-1639-48d7-9c43-2440cf69d566","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":7,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"63ad5c6a-4193-425f-abd5-c98071440df5","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":7,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"5e5aa986-3064-459a-af2f-97462f6050f3","block_type":"box","text":"iShares MSCI Malaysia ETF $900 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3.0%","page_number":7,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"6ed4078a-5495-49db-9035-a8141d0c9b17","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":7,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"48f549c4-af2c-4113-804d-c3ff0b6291e1","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":7,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"2c0c0890-5dbf-4dc3-a573-3d897147bb5b","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":7,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"07ad70c4-588c-470f-892a-2da237751b25","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":7,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"f0c6d6e5-5d61-4d46-95d1-0f72c96a0ec5","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"4e8bcf6e-20a7-49c2-b7af-ede65e38d72d","block_type":"box","text":"Standard Creation","page_number":8,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"79c92eaa-c3ef-4f29-9061-f20103b20a52","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"2b41e267-db1a-42bf-a94c-a817870ee033","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"95a91b24-5989-4881-b4fa-38479a82f16f","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"16fe617b-b690-4ca5-901f-e4ed8a76489e","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":8,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"248adc88-8c07-4c62-a8e1-dfb44bcea3a2","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":8,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"374e4f65-c5bf-43bd-9b8a-ab87d892f379","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":8,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"34375aa8-ba4f-40f2-976a-fee308ee32d0","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":8,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"47bb8d8e-9643-4ba1-b76f-fe6feacefb88","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":8,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"08e92e89-db90-49ad-aec6-ded6c9c19770","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":8,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"ef4784ee-fe97-4b87-80cc-5d98406b01bb","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":8,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"fc421d6f-f8a8-408c-9e56-7ff4dc563e79","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":8,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"51e1898a-defe-40fe-810c-5784aac6c9b4","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":8,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"680b10a2-8886-4dd5-aac1-b53d7177d0a9","block_type":"box","text":":","page_number":8,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"7e3cff3b-70c1-4976-81b3-b14974570e5e","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":8,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"d41c2b5b-9220-4882-966e-baa6d44158c7","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":8,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"4aa84173-d5b5-4a83-be6a-d69151e7ac2c","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":8,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"5f16a8f8-fe22-4dd6-bc31-e7755e38a6d5","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":8,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"5ccfbb78-cee3-4684-aabd-104ffc6b5182","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":8,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"9c3ffc37-1d63-43ff-8c7c-9670767ab6e8","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":8,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"5cbf1f0c-dab4-48df-80fe-28bcce355368","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":8,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"c8a46708-1327-43f0-87f2-ea82fed1b8a1","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":8,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"28e7b668-9b2a-4b27-a1c2-39b88724c527","block_type":"box","text":"amounts invoiced by such custodian.","page_number":8,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"17015a4a-3203-4945-b267-cf9f08fe9734","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":8,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"51845284-9ece-4433-84e1-d2e2e034f069","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":8,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"270dcc72-2e54-446f-9754-1610d3a1b3f9","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":8,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"5fd21131-1df6-4429-8ce3-022dc440533a","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":8,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"b8be732e-35be-4f22-9ba7-b97fc09c1ab0","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":8,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"59096c5f-60df-4daa-b87d-1ec7139784fc","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":8,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"e29c0bbe-2a2f-4e4a-b95a-34eff1505d87","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":8,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"32e97809-e832-40d6-a023-26444ed85f50","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":8,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"b665b905-a603-4bc1-bb99-bc398b4357fa","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":8,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"d4b8cf07-601d-45ed-84f7-1de7cdcaf8ff","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":8,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"a9055371-6d96-444b-b76d-e6b1b9368696","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":8,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"40e11570-5599-4943-a353-865566398c8d","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":8,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"2736c975-308d-410d-b692-46a4ec2032ca","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":8,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"3c53c100-5d48-49fd-b0b5-beb11d2cee8c","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":8,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"cc0b866d-7e8c-4b77-9247-4fc6b14d8596","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":8,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"5b36a759-c076-47d1-8e00-0737ee65eac3","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":8,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"b3ba1ec7-8a68-4b1b-b637-141230023f2f","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":8,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"c3cd572c-65b9-44a2-8289-3691a8ce1dce","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":8,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"6f645cdc-c802-40fa-835b-50c8c1c51480","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":8,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"9e7dc909-7914-4528-aebd-de20f6d8a942","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":8,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"40a124dd-2298-47f6-9353-615729dcfb7a","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":8,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"24594f87-11f2-4030-9e33-dadb4bf0d53a","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":8,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"86b3250b-6b58-4bab-b98b-5d5774002841","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":8,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"c5d5acfb-4952-4f7b-ab60-7cfa6794aab2","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":8,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"70fd1fa7-9e8a-499d-815b-fa5f9b6ccea0","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":8,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"5e943fb2-f4db-4bd8-8a0a-8699599f2c60","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":8,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"a76cae1f-1a2d-4715-a6d3-0439c9bf8c80","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":9,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"f6340551-c390-4e62-a3c0-2ae10c8294f2","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":9,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"76739024-4040-46af-a1c4-aff608f8b47f","block_type":"box","text":"Fund","page_number":9,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"119dc4d0-70a1-4df1-ad3a-cc99d4155d85","block_type":"box","text":"Standard Redemption","page_number":9,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"7a50b09e-9946-4fea-ba6e-b533fe31915e","block_type":"box","text":"Transaction Fee","page_number":9,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"164b91cb-8aea-4845-b49a-bfa1b1f59c12","block_type":"box","text":"Maximum Additional","page_number":9,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"be7bc0c9-24de-4344-8117-eefcdd5b90b9","block_type":"box","text":"Charge*","page_number":9,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"5f3ab1e3-87be-46a7-b221-6e396e06dad1","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":9,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"a0cabe34-5be1-45f2-999f-b1f20f021ac4","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":9,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"a334bfeb-7d9c-4bf5-bcc4-76639e5a5a86","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":9,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"9cff33f9-7880-447e-9fb5-e720cb736801","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":9,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"7eec54b4-2a78-415b-bd81-0335e74e1f2a","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":9,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"9e7fac44-81e2-43ec-93d3-eb22e36d8f90","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":9,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"49713003-8da2-4cf0-926c-b4f6df404d20","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":9,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"513647dd-39ab-462b-99d0-e3d360a9026f","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":9,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"f14204ca-d675-4707-8908-ebe8280d0181","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":9,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"e65ecfd8-88ee-43cb-9e8e-1e753522aa32","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":9,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"1c5175d6-5e56-47fb-9b44-d78955a8ad69","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":9,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"3bb3edf9-ba83-40e8-9846-93b66cd1f08f","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":9,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"9d9e241b-1bb9-41d5-9c4e-f47b4aba4f04","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":9,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"cee53142-b996-4cab-ab7c-aa97cf9aca1f","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":9,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"71eacee7-c6ee-49c0-88f1-8492ed0e4f1f","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":9,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"912deae4-befc-4e32-a4e0-7e0872041e1d","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":9,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"4b869161-6a6f-4a96-971e-13d1866a1a3e","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":9,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"6d708c0a-8824-4234-b6d0-f4d423baa9fa","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":9,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"5272651c-a024-42e5-8fb5-6cb3de5f62c6","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":9,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"7028e331-a45e-4239-9d49-25fd26633541","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":9,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"67269826-b9cd-40ce-ad74-3f07f7e69d83","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":9,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"c3eb43ef-d3a3-497f-8604-cf25672fc0a0","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":9,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"6937b3af-2766-4cfb-99bb-d2e08071b992","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":9,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"528787d0-4d8c-4cf4-88e7-8db9529a222e","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":9,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"4973cf1b-b687-448a-91f5-e826a138fb2c","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":9,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"e9bf7976-c5d4-43b9-8b5b-66fa63ff68a9","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":9,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"0f6d7642-33f4-4e48-89d2-cb1f47a96d7f","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":9,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"9d3ecc4e-aabf-4f4b-9dbb-3d870e836928","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":9,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"b2c9cbf4-1f60-4d3e-9ba5-fee2dd4a941c","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":9,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"3928fea5-3cf5-484f-997a-7bb62917813d","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":9,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"8ceb7d57-5532-4040-b99c-7cc4edf80065","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":9,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"1bcc5ade-7374-4334-b2e4-570aa16413ff","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":9,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"8f48b536-f96c-4e94-9692-b5fc7c5f8782","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":9,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"2c5d991a-61ea-48ad-9b17-3d146f0477ac","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":9,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"dd0e99e8-ce71-45c7-a501-a397399d3577","block_type":"box","text":"iShares MSCI Global Sustainable Development 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":16,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"3411fc5b-9978-4c30-a3e5-eb559ca363d1","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":16,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"8c6a458a-a664-4800-8a16-cdba4e5c0eaf","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":16,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"d006526a-631e-4c97-8a6f-c86f59e51b8c","block_type":"box","text":"the tables and examples below.","page_number":16,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"7774a0c3-727f-4503-aca4-716fd2c3a5b4","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":16,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"68d2368d-42af-43c8-9f71-02db5f983a69","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":16,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"c53e2830-c4c7-483d-907c-a0bacf73b4f5","block_type":"box","text":"$75 $233 $406 $906","page_number":16,"box":{"x":202,"y":548,"width":649,"height":9}},{"id":"085d0751-fc10-482d-8b6d-dafb4d5b21ba","block_type":"box","text":"Portfolio Turnover.","page_number":16,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"199b536f-765a-4800-a542-91aef50d3ff9","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":16,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"a25f4734-37d5-4b6b-9b7c-921ec9e83278","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":16,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"81251ec7-429a-4631-9916-2d7e1648a161","block_type":"box","text":"portfolio). 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The instruments selected","page_number":17,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"6308c03f-b34d-4f35-9b21-87ac61e9c6ec","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":17,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"284877db-7224-4219-902a-adaea50a5911","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":17,"box":{"x":83,"y":202,"width":386,"height":11}},{"id":"400f96de-9529-495d-84fe-8b05e3a9885f","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":17,"box":{"x":82,"y":216,"width":360,"height":11}},{"id":"091bce2c-c03c-4495-9226-6b14c17d08fb","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":17,"box":{"x":82,"y":231,"width":414,"height":10}},{"id":"9569a54f-5aeb-48b6-bb9d-17bc797cfcd9","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":17,"box":{"x":83,"y":245,"width":410,"height":11}},{"id":"24904319-e927-4a05-9b83-8edae8d93470","block_type":"box","text":"the components of the Underlying Index.","page_number":17,"box":{"x":83,"y":259,"width":259,"height":11}},{"id":"62a89ffb-fdee-42c2-b687-ec04e88f55e6","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":17,"box":{"x":82,"y":282,"width":390,"height":11}},{"id":"cfccad56-5225-461c-8f1f-6604af964af0","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":17,"box":{"x":83,"y":296,"width":410,"height":11}},{"id":"ce0dfcdb-7e09-4df2-9c59-a96722300cd4","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":17,"box":{"x":83,"y":311,"width":421,"height":10}},{"id":"af91a8be-7770-4f8e-8adb-38506ebae02e","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":17,"box":{"x":83,"y":325,"width":335,"height":11}},{"id":"097cbe48-b5d5-47bd-b5aa-4d901cf07303","block_type":"box","text":"i.e","page_number":17,"box":{"x":419,"y":325,"width":14,"height":8}},{"id":"4d5521e3-729c-4bce-b8f0-31c810ff71ce","block_type":"box","text":".,","page_number":17,"box":{"x":435,"y":332,"width":6,"height":3}},{"id":"419a79cb-6abc-4da4-875b-baaf40c98621","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":17,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"92612153-7a22-44bf-a232-6180651dac0b","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":17,"box":{"x":83,"y":353,"width":403,"height":11}},{"id":"b1c30c30-a45c-4425-88e5-b91eae15e821","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":17,"box":{"x":83,"y":367,"width":418,"height":11}},{"id":"2b144380-c2e3-4b2e-b576-8fbee5a80358","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":17,"box":{"x":83,"y":382,"width":411,"height":10}},{"id":"5674d12c-796d-4ad9-a404-ebae2fa60120","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":17,"box":{"x":82,"y":396,"width":389,"height":11}},{"id":"7778cd35-d2c0-447c-becf-91d35d213793","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":17,"box":{"x":82,"y":410,"width":415,"height":11}},{"id":"2f8ff4da-73c6-428a-8f03-d1bd9d8901ed","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":17,"box":{"x":83,"y":424,"width":360,"height":11}},{"id":"694d300a-8255-44ed-ad46-ff665fc03edd","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":17,"box":{"x":83,"y":438,"width":407,"height":11}},{"id":"f6688198-722d-4ecc-9408-f5fbf10802a8","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":17,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"1b95057c-ee7f-4f96-9b5b-fc7acecb941d","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":17,"box":{"x":83,"y":467,"width":392,"height":10}},{"id":"03648244-f893-4d32-b922-61c723199b9b","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":17,"box":{"x":83,"y":481,"width":404,"height":11}},{"id":"689f4802-ca9c-4250-a762-68fb18df193e","block_type":"box","text":"Fund.","page_number":17,"box":{"x":84,"y":495,"width":33,"height":8}},{"id":"99401ab0-ab33-43d2-bd7e-fed15095e10f","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":17,"box":{"x":82,"y":518,"width":412,"height":11}},{"id":"3dd5ed7b-a9df-4a3b-9876-3d63081d540e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":17,"box":{"x":82,"y":532,"width":371,"height":11}},{"id":"7a0caf0e-acb9-4188-9de8-d8c827fae49c","block_type":"box","text":"collateral received).","page_number":17,"box":{"x":83,"y":547,"width":125,"height":10}},{"id":"07e42f93-a7d0-419c-90a1-17e3c9192e88","block_type":"box","text":"The Underlying Index is sponsored by FTSE, which is independent","page_number":17,"box":{"x":82,"y":570,"width":419,"height":11}},{"id":"18ed92ea-f5e1-4deb-9dc3-cf7bc2f557c0","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":17,"box":{"x":83,"y":584,"width":356,"height":8}},{"id":"863cb71a-779e-4bf8-aa45-8bcfc03644ec","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":17,"box":{"x":83,"y":598,"width":377,"height":11}},{"id":"9dc3eedf-ef4c-4097-85e3-5d6c11754f65","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":17,"box":{"x":83,"y":612,"width":416,"height":11}},{"id":"2100c148-1bd0-49c8-8e1b-1ae3ed13b929","block_type":"box","text":"value of the Underlying Index.","page_number":17,"box":{"x":82,"y":626,"width":190,"height":11}},{"id":"341b2799-2019-46a0-95f5-9bd08e86d0d6","block_type":"box","text":"Industry Concentration Policy.","page_number":17,"box":{"x":83,"y":650,"width":210,"height":10}},{"id":"6f731305-c85f-4cbc-a32e-2ce46bcc2e60","block_type":"box","text":"The Fund will concentrate its","page_number":17,"box":{"x":298,"y":650,"width":184,"height":8}},{"id":"1f243818-bbf4-4788-8568-80e503357a07","block_type":"box","text":"investments (","page_number":17,"box":{"x":83,"y":664,"width":85,"height":11}},{"id":"bea63a79-ff24-4743-a7fc-e35580aaa72c","block_type":"box","text":"i.e.","page_number":17,"box":{"x":169,"y":664,"width":17,"height":8}},{"id":"ce17a61d-a7f1-4fcd-8a2a-2ffc58c43365","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":17,"box":{"x":189,"y":664,"width":264,"height":11}},{"id":"f79bd82c-a020-49d4-85b5-82182d460e23","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":17,"box":{"x":83,"y":678,"width":394,"height":11}},{"id":"5bf8c12a-5931-4398-99f6-7a3b4f2024fb","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":17,"box":{"x":83,"y":692,"width":377,"height":11}},{"id":"7835b0c0-c3ea-4b8f-8264-2b3527a29a53","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":17,"box":{"x":83,"y":706,"width":389,"height":11}},{"id":"78b43321-5e2c-4f6d-bd59-0515f76da06f","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":17,"box":{"x":83,"y":721,"width":389,"height":10}},{"id":"bc5fb29d-f81e-4fc3-8edc-7a8961620c59","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":17,"box":{"x":83,"y":735,"width":410,"height":11}},{"id":"e8fdb5a1-5ca4-4c70-a6ba-21c4c6f7d6ad","block_type":"box","text":"considered to be issued by members of any industry.","page_number":17,"box":{"x":83,"y":749,"width":337,"height":11}},{"id":"aa554fc9-4c9f-44e8-8f58-a5b1720ff593","block_type":"box","text":"Summary of Principal Risks","page_number":17,"box":{"x":83,"y":778,"width":235,"height":13}},{"id":"947d9b11-101e-4df8-b1a3-4b147c9a77ee","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":17,"box":{"x":82,"y":803,"width":363,"height":11}},{"id":"0c325582-889a-4d97-af65-24d94f6b833d","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":17,"box":{"x":83,"y":817,"width":402,"height":11}},{"id":"356df80e-33e3-418c-8dea-c142657621f6","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":17,"box":{"x":83,"y":831,"width":396,"height":11}},{"id":"8602bae9-296e-4c35-adb9-b58375be8cc0","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":17,"box":{"x":83,"y":846,"width":376,"height":10}},{"id":"5484deba-f8f4-4c89-923f-6dec3853602b","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":17,"box":{"x":83,"y":860,"width":392,"height":11}},{"id":"983c2f54-c4d0-43a2-b18f-10f695ccd248","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":17,"box":{"x":83,"y":874,"width":416,"height":11}},{"id":"f60e3b9d-0588-422b-b1e0-2d1abb6ed7a9","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":17,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"38f681c8-0442-4c23-b2dc-ce40fc3b3916","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":17,"box":{"x":549,"y":37,"width":425,"height":11}},{"id":"b808dbcc-62f6-409d-8a22-d33e776176c0","block_type":"box","text":"risk is difficult to predict and may change over time. 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China may be subject to","page_number":17,"box":{"x":549,"y":117,"width":371,"height":11}},{"id":"08d96b52-743a-4ef7-b299-cddf6dbfc360","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":17,"box":{"x":549,"y":131,"width":415,"height":11}},{"id":"4f3bff17-137d-4b53-8fab-515d469827e5","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":17,"box":{"x":550,"y":146,"width":391,"height":10}},{"id":"38a6f365-d379-4303-b2f6-0271d9bd5426","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":17,"box":{"x":549,"y":160,"width":350,"height":11}},{"id":"3c0649f7-511b-4983-8657-6aa977bef8ab","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":17,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"b539f92f-73df-4537-9d14-b96e9e483f2d","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":17,"box":{"x":549,"y":188,"width":419,"height":11}},{"id":"b1e86519-ac60-436e-a080-1cd3e18f687f","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":17,"box":{"x":549,"y":202,"width":363,"height":11}},{"id":"8a07d7c6-0791-452c-961e-6b103dcfa6f5","block_type":"box","text":"structure. Chinese markets generally continue to experience","page_number":17,"box":{"x":549,"y":217,"width":387,"height":10}},{"id":"f1a19b5c-04e1-4853-90f2-80f24e8c5200","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":17,"box":{"x":549,"y":231,"width":375,"height":10}},{"id":"851ebde9-446e-4e77-94b4-03ee12bd04c2","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":17,"box":{"x":549,"y":245,"width":414,"height":11}},{"id":"33a2241e-1b66-4b79-91a1-85ca56f76ce9","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":17,"box":{"x":549,"y":259,"width":416,"height":11}},{"id":"9bfa717e-9c29-40c5-8625-1a339d3063f1","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":17,"box":{"x":549,"y":273,"width":395,"height":11}},{"id":"090f19d1-9f05-49b9-bf88-a57a3c9f0279","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":17,"box":{"x":549,"y":287,"width":415,"height":11}},{"id":"460cfed7-950a-4a5c-ba93-76a6ae99c1b5","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":17,"box":{"x":549,"y":302,"width":391,"height":10}},{"id":"f268ca63-ca3c-4c52-b9bd-69d493e9984d","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":17,"box":{"x":549,"y":316,"width":421,"height":11}},{"id":"f6105390-8ccc-4e3e-a334-46e1620fc715","block_type":"box","text":"and higher inflation.","page_number":17,"box":{"x":549,"y":330,"width":126,"height":11}},{"id":"12665f37-31ba-42d5-9012-03b592dbfd79","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":17,"box":{"x":549,"y":353,"width":409,"height":11}},{"id":"6b814ca7-30fd-49be-b5bd-fa999b0f2a94","block_type":"box","text":"strained international relations. 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The value of securities or other assets may","page_number":19,"box":{"x":84,"y":51,"width":401,"height":11}},{"id":"0ddb3534-42ed-4d53-8eed-be044ea8befb","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":19,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"21741089-8781-48e1-8bfc-4d88fe89468a","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":19,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"32e4c90b-4d1f-46ed-811b-bcfd8fd590ac","block_type":"box","text":"counterparty.","page_number":19,"box":{"x":83,"y":95,"width":84,"height":10}},{"id":"b98e795c-7ea6-4597-967a-98c43a023c97","block_type":"box","text":"Management Risk","page_number":19,"box":{"x":83,"y":117,"width":122,"height":11}},{"id":"e056505b-3a32-4c3e-acef-642c29f88177","block_type":"box","text":".","page_number":19,"box":{"x":206,"y":124,"width":2,"height":2}},{"id":"bcaa67a3-3900-4c51-8849-120dc639c8c7","block_type":"box","text":"The Fund generally does not attempt to take","page_number":19,"box":{"x":213,"y":117,"width":283,"height":11}},{"id":"72494ad7-0994-41b4-88d6-c7969a49bb75","block_type":"box","text":"defensive positions under any market conditions, including","page_number":19,"box":{"x":83,"y":131,"width":376,"height":11}},{"id":"d566c267-cea7-4f67-9df8-b99b9feff5b5","block_type":"box","text":"declining markets. 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If you buy Fund","page_number":19,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"0d5389c0-31df-46b4-b38a-4cb142fed6c8","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":19,"box":{"x":83,"y":367,"width":419,"height":11}},{"id":"8b996304-1438-4f8a-8810-b13cb74a8422","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":19,"box":{"x":83,"y":382,"width":412,"height":10}},{"id":"19a53c76-29ed-4c5c-9402-7de9e000a6d2","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":19,"box":{"x":83,"y":396,"width":397,"height":11}},{"id":"4a5b7255-5c33-46c4-80bb-1736772551d6","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":19,"box":{"x":83,"y":410,"width":316,"height":11}},{"id":"fd2fc2c2-b0f5-4cb1-af38-8c375774148f","block_type":"box","text":"National Closed Market Trading Risk.","page_number":19,"box":{"x":83,"y":433,"width":250,"height":11}},{"id":"69fc0fba-b449-4cb3-916f-8b7836e373f0","block_type":"box","text":"To the extent that","page_number":19,"box":{"x":339,"y":433,"width":112,"height":9}},{"id":"962eedb9-86aa-4cdc-a1a1-e0aeefde6a14","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":19,"box":{"x":83,"y":447,"width":378,"height":11}},{"id":"074df8b9-75c3-4e99-b43a-4e1fde597ac3","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":19,"box":{"x":83,"y":461,"width":393,"height":11}},{"id":"569a28c0-a6af-49b2-9d35-59fcf3d18170","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":19,"box":{"x":83,"y":476,"width":396,"height":10}},{"id":"61bebcb2-03d5-4f6a-9f7b-26041b0fa79a","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":19,"box":{"x":83,"y":490,"width":392,"height":11}},{"id":"8b60dafc-6a6f-46c8-88f4-9a732fc4e8ee","block_type":"box","text":"price and its last quoted price (","page_number":19,"box":{"x":83,"y":504,"width":198,"height":11}},{"id":"7ad2775a-f530-4a6a-9d36-7db9aa4ea1d9","block_type":"box","text":"i.e","page_number":19,"box":{"x":282,"y":504,"width":14,"height":8}},{"id":"0e4990b7-a5b9-455f-8e28-fbd421f340ec","block_type":"box","text":"., the quote from the closed","page_number":19,"box":{"x":298,"y":504,"width":175,"height":11}},{"id":"49f1054c-0e1e-43d8-8642-c128e204ebcd","block_type":"box","text":"foreign market to the Fund). 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These","page_number":19,"box":{"x":82,"y":561,"width":361,"height":11}},{"id":"e346d088-9dcf-47f7-b3ab-e3cbc5d0e655","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":19,"box":{"x":83,"y":575,"width":398,"height":11}},{"id":"f85e751d-95a9-4a7a-bd87-c495a8b60660","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":19,"box":{"x":84,"y":589,"width":410,"height":11}},{"id":"ef260d2f-591c-405b-a450-e52c2f0c23c1","block_type":"box","text":"Non-Diversification Risk","page_number":19,"box":{"x":83,"y":612,"width":165,"height":9}},{"id":"903ea0bf-5b96-4443-995e-e756fc9d6e0a","block_type":"box","text":".","page_number":19,"box":{"x":248,"y":619,"width":2,"height":2}},{"id":"29ca4f1c-c6cd-41ef-83b1-9ab53ba98243","block_type":"box","text":"The Fund is classified as “non","page_number":19,"box":{"x":255,"y":612,"width":193,"height":9}},{"id":"c30bc5c3-3ad7-4002-9fe0-bf412979066f","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":19,"box":{"x":83,"y":626,"width":377,"height":11}},{"id":"97356b3e-a41f-4631-a809-6aff3ff8c3c7","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":19,"box":{"x":83,"y":641,"width":358,"height":10}},{"id":"776e5e78-0b1d-4661-977b-f3a2e2892660","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":19,"box":{"x":83,"y":655,"width":370,"height":11}},{"id":"6a80a305-dc41-4af6-871d-db1355969215","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":19,"box":{"x":83,"y":669,"width":422,"height":11}},{"id":"26804764-c49b-4821-a16d-7834a4a69c72","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":19,"box":{"x":83,"y":683,"width":379,"height":11}},{"id":"cfc6720a-6097-47ec-9b43-0261a7ff7b49","block_type":"box","text":"particular issuers or counterparties. 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These companies typically face intense","page_number":19,"box":{"x":549,"y":862,"width":348,"height":11}},{"id":"bcefde01-3cae-4a54-bb41-9edb664b3638","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":19,"box":{"x":549,"y":877,"width":418,"height":10}},{"id":"6bff8702-f681-469b-95f2-f80cefc70dec","block_type":"box","text":"S-4","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"d9716087-2ec2-41ba-8771-aa44eba09283","block_type":"box","text":"in product cycles and customer preferences. 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Ms.","page_number":22,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"424a4402-b772-4362-bbb5-da2b433a414a","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":22,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"cf5b7042-aaf7-48fc-8d06-0853dc107be4","block_type":"box","text":"Portfolio Managers of the Fund since 2012, 2025, 2025 and 2025,","page_number":22,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"a8a9a4f2-20ef-4728-b113-9cfee0f0dd15","block_type":"box","text":"respectively.","page_number":22,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"77dd6b33-a8da-4c4d-88a7-a7970a9e38a1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":22,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"44eb4963-1d17-42e5-a18c-3402f01d5d70","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":22,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"c77b1fd0-f5f6-4fb9-b188-4bf3054ca872","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":22,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"cb850703-f829-4f1b-a6de-5087d10ec4b2","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":22,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"862e2b45-d68a-4173-b3ed-ad664d870b66","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":22,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"9bd51b23-e7e7-4fbb-9d41-0d57dda7c881","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":22,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"0ec5dc4a-2164-4da0-b4d4-40ccd23d03a2","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":22,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"1c3cab13-203d-42c9-8645-9acc736f3a23","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":22,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"cd7dc28a-7d4b-48c6-859c-c45bb4b671dc","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":22,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"e614e249-1264-44ad-8ad3-d660464ec2b6","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":22,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"feb935e1-ecb4-4072-a6db-549668343a4a","block_type":"box","text":"Tax Information","page_number":22,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"974639ca-2d3f-4a4a-9cdc-6764d0d48c0e","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":22,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"dafe31d8-0fa8-48ea-8dff-82d2cfe85023","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":22,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"3d71faea-0217-41d8-861f-c17141537d88","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":22,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"06abf793-02b8-4744-874c-33d505036b6e","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":22,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"5dcfd511-de60-46e7-9da9-fcb6b19d7cdd","block_type":"box","text":"withdrawn.","page_number":22,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"fbe22f44-f7a4-464b-bd4f-2cc451df7c15","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":22,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"75b181d0-f4bd-47d8-ba3c-d7bc61b68114","block_type":"box","text":"Intermediaries","page_number":22,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"8f5217f3-5935-4d9b-a880-32df945294ef","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":22,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"1249eefe-de31-4b85-b7f4-a9d7ff5383dc","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":22,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"2277a795-629a-48f2-836e-e73fdf00b440","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":22,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"a9a1ce3d-d70a-41c5-b8b3-ac1084ac3307","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":22,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"f00cac7a-7226-493b-8f80-aa3ffe00ebd9","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":22,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"de4a669b-3111-47a1-869b-9b7654fcfd8a","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":22,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"3b98bba9-35fc-4108-b740-495b9f87a170","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":22,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"226133d5-fac4-43c2-88b4-410300adf22e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":22,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"ed91a4c1-b33c-46a7-bf6f-56e582d7dad7","block_type":"box","text":"recommend the Fund over another investment. 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BFA, the investment adviser to the Fund, has","page_number":23,"box":{"x":83,"y":308,"width":839,"height":11}},{"id":"9ecad54d-081a-42b1-b1d0-cc7b211af8ea","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":23,"box":{"x":83,"y":321,"width":840,"height":11}},{"id":"2760c8a1-cf3a-43ca-8128-6cef0db50d03","block_type":"box","text":"attributable to investments by the Fund in other series of the Trust and iShares, Inc. until November 29, 2030. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":23,"box":{"x":83,"y":603,"width":694,"height":11}},{"id":"3916e4bd-8748-4323-9340-a0c6df38d2f8","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":23,"box":{"x":195,"y":634,"width":668,"height":7}},{"id":"3c55d31d-7456-4a91-bf57-17b10d0a40d6","block_type":"box","text":"$20 $64 $113 $255","page_number":23,"box":{"x":202,"y":653,"width":649,"height":9}},{"id":"f586eb8e-80dd-4f3a-91b8-dc46751f8f17","block_type":"box","text":"Portfolio Turnover.","page_number":23,"box":{"x":83,"y":693,"width":129,"height":9}},{"id":"271856c5-2f57-4e67-9ffa-cbbfa77d89bc","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":23,"box":{"x":216,"y":693,"width":287,"height":11}},{"id":"92634ba1-c482-4fe7-8e97-2884ca627156","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":23,"box":{"x":83,"y":707,"width":420,"height":11}},{"id":"40d17b3a-c472-4e6a-8693-a2911a4ca727","block_type":"box","text":"portfolio). 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The GHG targets signal is based on the robustness of an","page_number":24,"box":{"x":83,"y":265,"width":409,"height":11}},{"id":"47495f2f-659e-476c-a2cd-655beea987c6","block_type":"box","text":"issuer’s GHG reduction targets, including whether they are part of","page_number":24,"box":{"x":83,"y":280,"width":421,"height":11}},{"id":"6146199d-b71d-4b91-8fb3-e98b08398780","block_type":"box","text":"the Science Based Targets initiative (“SBTi”) framework; this is","page_number":24,"box":{"x":83,"y":294,"width":398,"height":11}},{"id":"6d486067-970a-4676-9659-08933f177d87","block_type":"box","text":"assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":24,"box":{"x":83,"y":308,"width":421,"height":11}},{"id":"c67641e8-a8d0-44c1-b954-7ecc19bbfdfe","block_type":"box","text":"The value score is calculated from the following signals: current","page_number":24,"box":{"x":82,"y":330,"width":407,"height":11}},{"id":"313e3f57-726a-4c5d-8e1f-9f765c8bc050","block_type":"box","text":"book value-to-price ratio, dividend yield (","page_number":24,"box":{"x":83,"y":344,"width":261,"height":11}},{"id":"37495cae-b8b8-4953-afae-bfea46c75369","block_type":"box","text":"i.e.","page_number":24,"box":{"x":345,"y":344,"width":17,"height":9}},{"id":"a3c99cdf-c2d2-4607-8dd0-60db1891fe66","block_type":"box","text":", 12-month trailing","page_number":24,"box":{"x":364,"y":344,"width":116,"height":11}},{"id":"c4f0f49e-d0dc-44a1-acf0-37e685dd7cf1","block_type":"box","text":"dividend divided by total market capitalization), earnings yield","page_number":24,"box":{"x":83,"y":358,"width":394,"height":11}},{"id":"aeb42b87-5833-4ee8-b3f8-6b38f17b8ad4","block_type":"box","text":"(","page_number":24,"box":{"x":83,"y":373,"width":3,"height":10}},{"id":"26bd2553-6b64-46e3-bb62-1a1687e0ad91","block_type":"box","text":"i.e.","page_number":24,"box":{"x":87,"y":373,"width":17,"height":8}},{"id":"c1f8b5f2-f76a-4240-bf9c-a74a4725b317","block_type":"box","text":", 12-month net income divided by total market capitalization),","page_number":24,"box":{"x":106,"y":373,"width":392,"height":10}},{"id":"a7bfc5fb-8a83-4804-a5ad-5d66ee557713","block_type":"box","text":"cash flow yield (","page_number":24,"box":{"x":83,"y":387,"width":101,"height":10}},{"id":"b5bef003-725b-4e81-921f-4a86dfec7692","block_type":"box","text":"i.e.","page_number":24,"box":{"x":185,"y":387,"width":17,"height":8}},{"id":"dfa3d0be-a076-4de7-a575-00ca04af7a61","block_type":"box","text":", 12-month cash flow divided by total market","page_number":24,"box":{"x":205,"y":387,"width":283,"height":10}},{"id":"809cdc6f-dc4e-49a8-ba63-2fde76da3cae","block_type":"box","text":"capitalization) and time series normalized cash flow yield over the","page_number":24,"box":{"x":83,"y":401,"width":420,"height":11}},{"id":"51d45455-4598-4acc-a609-6f62dfb663f1","block_type":"box","text":"previous 36 months.","page_number":24,"box":{"x":83,"y":415,"width":130,"height":11}},{"id":"6a62ce2b-981c-4182-ad09-880130f78aa2","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as","page_number":24,"box":{"x":82,"y":437,"width":401,"height":11}},{"id":"f9aeac7f-ad6f-4684-ac8e-78dd335da95e","block_type":"box","text":"calculated by the Index Provider.","page_number":24,"box":{"x":83,"y":451,"width":207,"height":11}},{"id":"bf8d85a5-34b9-45e5-a08b-5bf657759ed2","block_type":"box","text":"The size score seeks to measure an issuer’s market capitalization","page_number":24,"box":{"x":82,"y":473,"width":418,"height":11}},{"id":"f15f5cef-9ad8-4226-aac4-5e8a79c7f34e","block_type":"box","text":"relative to other companies in the Parent Index.","page_number":24,"box":{"x":83,"y":487,"width":303,"height":11}},{"id":"97f68d73-cb92-4828-82bf-766649d850bb","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":24,"box":{"x":82,"y":509,"width":407,"height":11}},{"id":"64650f19-44b9-4156-b923-4a318ac53ef6","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":24,"box":{"x":83,"y":523,"width":405,"height":11}},{"id":"cb8cdd72-51be-4de1-90e9-208b0d34d73d","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":24,"box":{"x":83,"y":537,"width":409,"height":11}},{"id":"26dd1958-ed09-47c8-8aa4-d6983816fa52","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":24,"box":{"x":83,"y":552,"width":409,"height":10}},{"id":"573f51c7-0e45-4ab9-b403-993f02c2dd11","block_type":"box","text":"relative to the Parent Index, among others. The Underlying Index","page_number":24,"box":{"x":83,"y":566,"width":411,"height":11}},{"id":"83fb0b0f-cff9-426e-b189-7727aa89f365","block_type":"box","text":"is reviewed and rebalanced quarterly.","page_number":24,"box":{"x":83,"y":580,"width":238,"height":11}},{"id":"78a0551b-b565-4676-bb9f-e27ab1ed31c9","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":24,"box":{"x":82,"y":602,"width":342,"height":11}},{"id":"31bfa46e-d764-4e2c-8944-690261cf1da4","block_type":"box","text":"approximately 600 constituents from companies in the following","page_number":24,"box":{"x":83,"y":616,"width":412,"height":11}},{"id":"644ffad4-1363-4945-a385-342f8e014ecf","block_type":"box","text":"countries or regions: Australia, Austria, Belgium, Brazil, Canada,","page_number":24,"box":{"x":83,"y":630,"width":407,"height":11}},{"id":"03cce04e-3a74-4e1f-9357-d2414e4ab092","block_type":"box","text":"Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland,","page_number":24,"box":{"x":83,"y":645,"width":418,"height":10}},{"id":"890d8dd2-5736-4e5c-865a-fca535a7584a","block_type":"box","text":"France, Germany, Greece, Hong Kong, Hungary, India, Indonesia,","page_number":24,"box":{"x":84,"y":659,"width":412,"height":11}},{"id":"dd760f6e-69ac-4ce2-9904-eb69d254530b","block_type":"box","text":"Ireland, Israel, Italy, Japan, Malaysia, Mexico, the Netherlands,","page_number":24,"box":{"x":83,"y":673,"width":396,"height":11}},{"id":"b662624d-dd2c-4609-ba53-f9ed0b713744","block_type":"box","text":"New Zealand, Norway, Philippines, Poland, Qatar, Saudi Arabia,","page_number":24,"box":{"x":84,"y":687,"width":402,"height":11}},{"id":"2ec8e9f6-3694-4ede-b7e8-08705021d90a","block_type":"box","text":"Singapore, South Africa, South Korea, Spain, Sweden,","page_number":24,"box":{"x":83,"y":701,"width":343,"height":11}},{"id":"3bd829ce-0705-4901-ac51-0b3358b3357a","block_type":"box","text":"Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates,","page_number":24,"box":{"x":83,"y":715,"width":409,"height":11}},{"id":"adaea750-6c12-459c-be5c-e6c81b9b5f6f","block_type":"box","text":"the United Kingdom (the “U.K.”) and the U.S.","page_number":24,"box":{"x":83,"y":730,"width":286,"height":10}},{"id":"8c78bb1e-00a4-443e-8996-8a08860238c8","block_type":"box","text":"As of July 31, 2025, a significant portion of the Underlying Index is","page_number":24,"box":{"x":82,"y":751,"width":421,"height":11}},{"id":"284457ed-ee93-46b5-a2e6-5cb7a6be57b9","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":24,"box":{"x":83,"y":766,"width":402,"height":11}},{"id":"cc025bb5-54d7-49a1-aafc-39f750da471e","block_type":"box","text":"and services, financials and technology industries or sectors. The","page_number":24,"box":{"x":83,"y":780,"width":416,"height":11}},{"id":"ddbdbe0a-9163-4e43-b589-041694fb4e3d","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":24,"box":{"x":83,"y":794,"width":392,"height":11}},{"id":"92b859a8-627c-4fd2-a1a2-2c2ab39776f6","block_type":"box","text":"time.","page_number":24,"box":{"x":83,"y":808,"width":31,"height":9}},{"id":"d8b253b3-63bc-45f3-8a6f-a1c2fb52860f","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":24,"box":{"x":84,"y":831,"width":376,"height":11}},{"id":"50e87120-418a-4dc9-ba12-f9b19d4230ee","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":24,"box":{"x":83,"y":846,"width":417,"height":10}},{"id":"5ba92ba5-c72f-4908-bd6e-ca5a9232772a","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":24,"box":{"x":83,"y":860,"width":396,"height":11}},{"id":"92eddffd-9c1a-4e01-8d5a-679664b6703f","block_type":"box","text":"markets decline or appear overvalued.","page_number":24,"box":{"x":83,"y":874,"width":244,"height":11}},{"id":"b916c19e-3a5c-480a-9627-c989bf2a62f7","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":24,"box":{"x":550,"y":23,"width":420,"height":11}},{"id":"a261b858-f7f2-4095-82c9-1e433dd1e953","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":24,"box":{"x":549,"y":37,"width":421,"height":11}},{"id":"dbc60f71-7049-48af-b36c-ea94c5f4d022","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":24,"box":{"x":549,"y":51,"width":386,"height":11}},{"id":"01686d1d-172b-48b5-b2f5-0426c9f4142d","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":24,"box":{"x":550,"y":66,"width":369,"height":11}},{"id":"1b316dff-40e9-4ac5-ae4d-89fdfebf7d34","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":24,"box":{"x":549,"y":80,"width":356,"height":11}},{"id":"3a116927-3029-42d2-9a64-20dd547ff0bd","block_type":"box","text":"comparison to actively managed investment companies.","page_number":24,"box":{"x":549,"y":94,"width":359,"height":11}},{"id":"33e4964a-d25a-4a41-8cbd-fb328bc02e4b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":24,"box":{"x":550,"y":117,"width":411,"height":11}},{"id":"922b227b-f9d7-4fe9-9131-1e64c9b3638e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":24,"box":{"x":549,"y":131,"width":411,"height":11}},{"id":"399d8629-bb1e-4775-a0de-fbe10f3847fe","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":24,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"ccb17593-aafe-4812-bb28-8d49ee827adf","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":24,"box":{"x":549,"y":160,"width":410,"height":11}},{"id":"cc162b05-b4cf-4814-958e-7720cde5fecd","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":24,"box":{"x":549,"y":174,"width":408,"height":11}},{"id":"059ed36e-220e-41a6-aa35-baa4ab085292","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":24,"box":{"x":549,"y":188,"width":423,"height":11}},{"id":"12babf1f-0bef-411d-a566-7b4948039a4b","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":24,"box":{"x":549,"y":202,"width":386,"height":11}},{"id":"c901ee9d-8c7d-4943-bae0-df9a66c82705","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":24,"box":{"x":549,"y":216,"width":360,"height":11}},{"id":"2b0d926b-38ad-4c99-922a-e70baeef6926","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":24,"box":{"x":548,"y":231,"width":414,"height":10}},{"id":"2099ecbe-3c20-4045-8a2d-15dc211e3ac3","block_type":"box","text":"applicable underlying index. 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The Fund seeks to track the investment","page_number":24,"box":{"x":549,"y":467,"width":392,"height":10}},{"id":"738d533b-3e6b-41a3-96f3-b94e295bcfef","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":24,"box":{"x":549,"y":481,"width":404,"height":11}},{"id":"af3d1c5e-0388-4ebb-ae34-51b0916e0503","block_type":"box","text":"Fund.","page_number":24,"box":{"x":550,"y":495,"width":33,"height":8}},{"id":"00538b9e-9e83-45b5-851f-e1a04db87940","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":24,"box":{"x":549,"y":518,"width":411,"height":11}},{"id":"a63742c0-2551-499d-88c2-87b513d68119","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":24,"box":{"x":548,"y":532,"width":371,"height":11}},{"id":"1ac32ca4-c532-44c0-94bf-e278fcbbf2e0","block_type":"box","text":"collateral received).","page_number":24,"box":{"x":549,"y":547,"width":125,"height":10}},{"id":"81456c87-63a3-4c46-90ed-8394fe351bc6","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by STOXX,","page_number":24,"box":{"x":549,"y":570,"width":410,"height":11}},{"id":"9ccd1f26-09ab-4d2a-a31f-038ef3b1d45a","block_type":"box","text":"which is independent of the Fund and BFA. 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Securities that previously exhibited","page_number":25,"box":{"x":230,"y":499,"width":231,"height":11}},{"id":"630a6b15-c789-4601-bd0a-fe8c82c9e9e0","block_type":"box","text":"greater momentum characteristics may not continue to","page_number":25,"box":{"x":83,"y":513,"width":354,"height":11}},{"id":"44e37ee5-1956-47e5-9166-5c55ef229084","block_type":"box","text":"experience positive momentum, and such a change could occur","page_number":25,"box":{"x":83,"y":527,"width":407,"height":11}},{"id":"5760df2c-b043-473e-9f89-708c93376a8f","block_type":"box","text":"quickly. Momentum securities may experience more volatility than","page_number":25,"box":{"x":83,"y":541,"width":423,"height":11}},{"id":"12b96e26-e346-475f-8521-25d9e1be628f","block_type":"box","text":"the market as a whole.","page_number":25,"box":{"x":83,"y":556,"width":144,"height":8}},{"id":"dfbdd9c9-6eee-41d6-8f3c-d20e4d96c9dc","block_type":"box","text":"Quality Factor Risk","page_number":25,"box":{"x":83,"y":579,"width":118,"height":11}},{"id":"022e38a9-a844-4813-b812-04606497cf4b","block_type":"box","text":". Securities that previously exhibited greater","page_number":25,"box":{"x":201,"y":579,"width":283,"height":11}},{"id":"157be75e-6a23-498d-bf2d-ed59d7e00206","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":25,"box":{"x":83,"y":593,"width":409,"height":11}},{"id":"410235d1-2869-42b6-9005-bdbe75e4e45b","block_type":"box","text":"be quality securities. 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Such securities may","page_number":25,"box":{"x":83,"y":673,"width":380,"height":11}},{"id":"bef14afb-9994-4aa9-85b4-b70c9a9f49b8","block_type":"box","text":"decline in price or fail to appreciate for long periods of time, and","page_number":25,"box":{"x":83,"y":687,"width":410,"height":11}},{"id":"30c243d2-ca35-4385-99e5-f27fd8d570ef","block_type":"box","text":"they may never realize their full potential value.","page_number":25,"box":{"x":83,"y":701,"width":301,"height":11}},{"id":"1b2a119e-77aa-405b-aed0-c6100bd33890","block_type":"box","text":"Low Volatility Factor Risk","page_number":25,"box":{"x":83,"y":724,"width":157,"height":11}},{"id":"fc5f5689-e1e6-4b7e-b4ca-a475ff83a5d9","block_type":"box","text":". Low volatility securities may","page_number":25,"box":{"x":240,"y":724,"width":188,"height":11}},{"id":"c78b520d-80c6-4734-bea4-6e1ef4725b84","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":25,"box":{"x":83,"y":739,"width":416,"height":10}},{"id":"9d85a935-aacc-48af-a922-7ac074860fa1","block_type":"box","text":"or speculative stock prices. 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Errors in index data, index computations or the","page_number":25,"box":{"x":549,"y":396,"width":366,"height":10}},{"id":"d83fcd69-2348-47de-b651-c3f62d02cff3","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":25,"box":{"x":549,"y":410,"width":377,"height":11}},{"id":"8674f4dc-0715-4eed-8dab-0ba9e57381fe","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":25,"box":{"x":549,"y":424,"width":413,"height":11}},{"id":"8e65c114-fbbb-47ab-aa24-836d62b7cb0d","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":25,"box":{"x":549,"y":438,"width":396,"height":11}},{"id":"562d6fe5-dca6-4f2a-8f4a-7163e47b6e65","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":25,"box":{"x":549,"y":452,"width":367,"height":11}},{"id":"ed6f149b-d3b8-4d38-ac04-aa76df229965","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":25,"box":{"x":549,"y":467,"width":400,"height":10}},{"id":"9c2610fb-1a5d-4a3c-819d-f236b12496f5","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":25,"box":{"x":549,"y":481,"width":409,"height":11}},{"id":"9bc5b920-cd05-40e7-9125-78b515e4e15e","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":25,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"eb970571-4685-4a41-8c1b-cddd400344a7","block_type":"box","text":"to postpone a scheduled rebalance. 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No Authorized","page_number":25,"box":{"x":549,"y":740,"width":378,"height":11}},{"id":"7e5ecd5d-ca9f-49e0-b1a5-86c327006a45","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":25,"box":{"x":550,"y":754,"width":379,"height":11}},{"id":"befc3440-c7bf-4724-a308-948c6bc881ba","block_type":"box","text":"transactions. 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the","page_number":26,"box":{"x":83,"y":23,"width":417,"height":9}},{"id":"320d4f55-cb07-4d44-acaa-47dc4fd83b62","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":26,"box":{"x":83,"y":37,"width":395,"height":10}},{"id":"918c2484-15bb-4e8b-a9f1-b4b98cbcade3","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":26,"box":{"x":83,"y":52,"width":388,"height":10}},{"id":"fe9e744d-adfa-4278-a4a4-cfd5f3a6e737","block_type":"box","text":"asset classes.","page_number":26,"box":{"x":83,"y":66,"width":88,"height":8}},{"id":"d92f07ac-7aaf-41db-bf44-a6ac782ba51c","block_type":"box","text":"Consumer Goods and Services Companies 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among","page_number":26,"box":{"x":83,"y":146,"width":403,"height":10}},{"id":"59573624-3adf-448d-9064-4de393392da2","block_type":"box","text":"other things.","page_number":26,"box":{"x":83,"y":160,"width":79,"height":11}},{"id":"b35f7d28-5eb9-4195-ab00-6a47ba690222","block_type":"box","text":"Currency Risk","page_number":26,"box":{"x":83,"y":183,"width":95,"height":11}},{"id":"75713469-1f43-4b07-aa40-228715098e9d","block_type":"box","text":".","page_number":26,"box":{"x":179,"y":190,"width":2,"height":1}},{"id":"a366c2cf-647a-4cc5-9745-4508c77f0994","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":26,"box":{"x":187,"y":183,"width":292,"height":8}},{"id":"99a933d9-8253-4995-9f47-32a8d48cc916","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":26,"box":{"x":83,"y":197,"width":424,"height":11}},{"id":"533c8ec4-1121-4e63-967d-1825b919b0d6","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":26,"box":{"x":83,"y":211,"width":415,"height":11}},{"id":"a0661fe2-7993-4e53-a255-5ec4790fce68","block_type":"box","text":"there are delays or limits on the repatriation of foreign currency.","page_number":26,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"968bb7bf-c8ce-421d-ab0a-d83b40569dce","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":26,"box":{"x":83,"y":240,"width":391,"height":11}},{"id":"aa237455-abf8-4c47-a6d1-b827cc9d235e","block_type":"box","text":"quickly and unpredictably. As a result, the Fund’s NAV may","page_number":26,"box":{"x":83,"y":254,"width":375,"height":11}},{"id":"9e6642a7-94b3-4001-a337-095842ef6e1e","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":26,"box":{"x":83,"y":268,"width":399,"height":11}},{"id":"8490f2ba-ade8-4094-9806-8c877d5c58b4","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":26,"box":{"x":83,"y":282,"width":409,"height":9}},{"id":"d8d82e9c-a1a6-4f4a-b1e7-9a1a9e555f31","block_type":"box","text":"and foreign currencies.","page_number":26,"box":{"x":83,"y":296,"width":146,"height":11}},{"id":"b484abf1-44d8-45f3-9053-d8ef578a2ffa","block_type":"box","text":"ESG Risk.","page_number":26,"box":{"x":83,"y":320,"width":62,"height":8}},{"id":"eb5a299e-d639-482c-a95b-37f7563ae74d","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":26,"box":{"x":151,"y":320,"width":331,"height":10}},{"id":"c1e16ec4-a6d1-4a5b-958e-f9b76bc05c10","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":26,"box":{"x":83,"y":334,"width":399,"height":11}},{"id":"c8591edb-a57e-4fed-9e0b-00babdf4b9e8","block_type":"box","text":"types and number of investment opportunities available to the","page_number":26,"box":{"x":83,"y":348,"width":397,"height":11}},{"id":"5f696f42-4611-4e47-a186-ca4733fe12ec","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":26,"box":{"x":84,"y":362,"width":396,"height":11}},{"id":"f6375d18-4253-4360-9765-1d4f94e684dc","block_type":"box","text":"whose underlying index does not use ESG criteria. 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Any reduction in this trading may have an","page_number":27,"box":{"x":82,"y":438,"width":383,"height":11}},{"id":"5533e38b-6299-45e1-b353-1019fefd1f56","block_type":"box","text":"adverse impact on the Fund’s investments.","page_number":27,"box":{"x":83,"y":452,"width":274,"height":11}},{"id":"0e9c7d50-df6b-4a1d-8a97-453953d9e848","block_type":"box","text":"Risk of Investing in China","page_number":27,"box":{"x":83,"y":476,"width":171,"height":10}},{"id":"b3916627-d3ad-442c-9495-e99a8bf62c8f","block_type":"box","text":".","page_number":27,"box":{"x":256,"y":482,"width":2,"height":2}},{"id":"81300966-33cd-4155-9aa4-794a68e685a7","block_type":"box","text":"Investments in Chinese securities,","page_number":27,"box":{"x":264,"y":476,"width":218,"height":10}},{"id":"bd1d9488-55ee-49f8-bb43-838bc3e86f24","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, are","page_number":27,"box":{"x":83,"y":490,"width":412,"height":11}},{"id":"2a8a6168-36c8-4156-83e4-8797772767b6","block_type":"box","text":"subject to risks specific to China. 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Internal","page_number":27,"box":{"x":83,"y":646,"width":416,"height":11}},{"id":"a7d7c06f-0254-488c-8765-f9d5a6384a40","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":27,"box":{"x":83,"y":660,"width":394,"height":11}},{"id":"daffd58e-afed-42a5-8fe6-e5c7b7e904ae","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":27,"box":{"x":83,"y":674,"width":415,"height":11}},{"id":"97ec0287-efb1-4034-84a3-8de9a927c1b0","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":27,"box":{"x":83,"y":688,"width":390,"height":11}},{"id":"a37ec3bd-b58d-49f0-9917-bdf412a6c6fb","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":27,"box":{"x":82,"y":702,"width":422,"height":11}},{"id":"9a654a5b-0428-43d9-88fe-344d0e706631","block_type":"box","text":"and higher inflation.","page_number":27,"box":{"x":83,"y":717,"width":126,"height":11}},{"id":"0200b2a2-1a46-4307-9f22-efb548322ebc","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":27,"box":{"x":83,"y":740,"width":409,"height":11}},{"id":"ddcf5edd-a946-40f6-ad10-2c48d01ad715","block_type":"box","text":"strained international relations. 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Actual and threatened","page_number":27,"box":{"x":83,"y":782,"width":383,"height":11}},{"id":"a3e31cbd-a621-497a-bd58-ba12467f45d5","block_type":"box","text":"responses to such activity and strained international relations,","page_number":27,"box":{"x":83,"y":797,"width":398,"height":10}},{"id":"1b99da75-80d7-4e53-9336-bd2bcf6ed98e","block_type":"box","text":"including purchasing restrictions, sanctions, export controls,","page_number":27,"box":{"x":83,"y":811,"width":386,"height":11}},{"id":"d2c2caa7-da82-4a04-b507-bb7b7cde0c00","block_type":"box","text":"tariffs or cyberattacks on the Chinese government or Chinese","page_number":27,"box":{"x":83,"y":825,"width":393,"height":11}},{"id":"4a00e723-11e7-40d6-8cb3-1cacb8ea4aeb","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers in","page_number":27,"box":{"x":83,"y":839,"width":412,"height":11}},{"id":"756a8164-ee38-4c77-9da7-99ddd30e6316","block_type":"box","text":"which the Fund invests. Incidents involving China’s or the region’s","page_number":27,"box":{"x":82,"y":853,"width":421,"height":11}},{"id":"51cd2c1e-ad1a-4635-8003-23494d9ffb42","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":27,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"80d43b50-6888-4a19-a665-9b022f4d1ef8","block_type":"box","text":"and the Fund’s investments.","page_number":27,"box":{"x":549,"y":37,"width":179,"height":9}},{"id":"c14bbbd4-b82e-48db-9df4-3169b3b61661","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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The Underlying Index may","page_number":27,"box":{"x":549,"y":160,"width":378,"height":11}},{"id":"f908638e-7b5b-46ee-9932-04db995f78f6","block_type":"box","text":"include companies that are subject to economic or trade","page_number":27,"box":{"x":549,"y":174,"width":362,"height":11}},{"id":"1222c3a8-8c4e-454e-b132-92f2da22ba2d","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":27,"box":{"x":549,"y":188,"width":416,"height":11}},{"id":"8b81b7a6-10a7-4623-a065-4b78c681cd51","block_type":"box","text":"or other governments due to national security, human rights or","page_number":27,"box":{"x":549,"y":202,"width":402,"height":11}},{"id":"49ccdce8-e6c8-42a5-bdfd-ff64f83250ae","block_type":"box","text":"other concerns of such government. So long as these restrictions","page_number":27,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"cbe31467-4b27-499a-81c1-8a0abc60dbe1","block_type":"box","text":"do not include restrictions on investments, the Fund is generally","page_number":27,"box":{"x":549,"y":231,"width":410,"height":11}},{"id":"42174a22-c601-4108-bd35-9b96e730316f","block_type":"box","text":"expected to invest in such companies, consistent with its","page_number":27,"box":{"x":549,"y":245,"width":365,"height":11}},{"id":"efb47bfb-5a45-49de-a1b6-b082239f30f6","block_type":"box","text":"objective to track the performance of the Underlying Index.","page_number":27,"box":{"x":549,"y":259,"width":378,"height":11}},{"id":"c05b3988-a572-4080-8a13-3c4e361411b6","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are","page_number":27,"box":{"x":549,"y":282,"width":419,"height":11}},{"id":"325cfc6d-cdbc-486d-bd79-715fb9b4193c","block_type":"box","text":"not subject to the same degree of regulatory requirements,","page_number":27,"box":{"x":549,"y":296,"width":378,"height":11}},{"id":"44daab45-6bed-4d78-9a12-cf302f3fad7b","block_type":"box","text":"accounting standards or auditor oversight as companies in more","page_number":27,"box":{"x":549,"y":311,"width":412,"height":10}},{"id":"b372f038-25f6-4664-ad98-97d2b07abc3a","block_type":"box","text":"developed countries. As a result, information about the Chinese","page_number":27,"box":{"x":549,"y":325,"width":407,"height":11}},{"id":"5193ed05-0010-48d9-8d55-0cc06c65a611","block_type":"box","text":"securities in which the Fund invests may be less reliable or","page_number":27,"box":{"x":549,"y":339,"width":375,"height":11}},{"id":"a74c9db8-da03-40fc-ad17-bd82abf9eccc","block_type":"box","text":"complete. Chinese companies with securities listed on U.S.","page_number":27,"box":{"x":549,"y":353,"width":378,"height":11}},{"id":"e611af11-ab48-4816-9ed4-f6f762bd28ee","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":27,"box":{"x":549,"y":367,"width":403,"height":11}},{"id":"c208b13d-4325-486a-8ae5-db8e4b7840d3","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":27,"box":{"x":549,"y":381,"width":374,"height":11}},{"id":"800bd0e7-4674-4e8a-a04d-e7de1a92acd0","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":27,"box":{"x":549,"y":396,"width":424,"height":11}},{"id":"7e1d460c-ac75-42f9-a138-6ba4e73f50eb","block_type":"box","text":"of the securities. 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Russian companies may be unable to","page_number":28,"box":{"x":83,"y":443,"width":398,"height":11}},{"id":"2016869d-19db-49af-be43-4fa7827d02cf","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":28,"box":{"x":83,"y":458,"width":414,"height":10}},{"id":"7e10ccca-4aef-4413-8207-27cb91efa039","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":28,"box":{"x":83,"y":472,"width":397,"height":11}},{"id":"352ed6c2-c8bd-4356-8efa-23ec17f4065a","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":28,"box":{"x":83,"y":486,"width":419,"height":11}},{"id":"bd770d3e-b969-4d5e-a6c7-a8fa1a0d26c7","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":28,"box":{"x":83,"y":500,"width":360,"height":11}},{"id":"6fdc58ce-1433-41c4-a466-9ae92552543a","block_type":"box","text":"securities. It is unknown when, or if, sanctions may be lifted or the","page_number":28,"box":{"x":83,"y":514,"width":423,"height":11}},{"id":"1ab4299c-42c1-4a16-90c2-7bc2f3624926","block_type":"box","text":"Fund’s ability to trade in Russian securities will resume.","page_number":28,"box":{"x":84,"y":528,"width":353,"height":11}},{"id":"2e381ddd-4b9a-45e1-aafe-ae08e4e97d8e","block_type":"box","text":"Risk of Investing in Saudi Arabia","page_number":28,"box":{"x":83,"y":552,"width":218,"height":10}},{"id":"d43f9629-9a74-4327-972a-4b29fa37281f","block_type":"box","text":".","page_number":28,"box":{"x":302,"y":558,"width":3,"height":2}},{"id":"7ddd2a18-cf30-4ecc-82e8-4553efed4aa5","block_type":"box","text":"Investing in Saudi Arabian","page_number":28,"box":{"x":311,"y":552,"width":164,"height":11}},{"id":"32f4d921-dfc1-40fd-b01d-2ea31a1766f0","block_type":"box","text":"issuers subjects the Fund to legal, regulatory, political, currency,","page_number":28,"box":{"x":83,"y":566,"width":412,"height":11}},{"id":"d8754d2a-f61b-403d-8ff8-6a5a21b14b5a","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The","page_number":28,"box":{"x":83,"y":580,"width":421,"height":11}},{"id":"b78528e4-29cd-4371-baa6-5640b89a9dbb","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":28,"box":{"x":83,"y":594,"width":403,"height":11}},{"id":"950f722c-b275-40fc-8c89-0b90b48f724a","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":28,"box":{"x":83,"y":608,"width":394,"height":11}},{"id":"b8a140ab-ffcd-430d-ba90-541cb817da65","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":28,"box":{"x":84,"y":679,"width":404,"height":11}},{"id":"bd0aeb93-dbaa-480b-9dc6-355b965b9920","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":28,"box":{"x":83,"y":693,"width":371,"height":11}},{"id":"eb8b6c24-2b82-48a8-b642-26b4726fe77e","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":28,"box":{"x":83,"y":708,"width":423,"height":10}},{"id":"229c29d8-4190-40cb-9a2a-df7cfbc25efd","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":28,"box":{"x":83,"y":722,"width":409,"height":11}},{"id":"1caab8f1-d99c-4562-9ba6-6d0543659508","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":28,"box":{"x":83,"y":736,"width":399,"height":11}},{"id":"99c57fd2-3734-488b-9a1d-97ba36d9b079","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":28,"box":{"x":83,"y":750,"width":421,"height":11}},{"id":"d3ce6451-cab4-4e47-bc40-380ab488a918","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":28,"box":{"x":83,"y":764,"width":423,"height":11}},{"id":"3043b119-b4fc-41d3-9290-4ccd6efa9f57","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":28,"box":{"x":83,"y":779,"width":418,"height":10}},{"id":"4dd7d735-c41a-41ab-bc19-479b5fb0efa5","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":28,"box":{"x":83,"y":793,"width":313,"height":11}},{"id":"e93cb921-3c30-4e69-8ca5-30388add460d","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":28,"box":{"x":82,"y":816,"width":413,"height":11}},{"id":"80c4f067-a68c-4e46-a1f2-154747aadaa3","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":28,"box":{"x":82,"y":830,"width":383,"height":11}},{"id":"397105f4-b21c-4cd9-8ee8-20da182f9412","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":28,"box":{"x":83,"y":844,"width":406,"height":11}},{"id":"1b204de7-2051-45ca-b045-1ff1752f4c15","block_type":"box","text":"with respect to foreign ownership of such securities. 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The GHG targets signal is based on the robustness of an","page_number":32,"box":{"x":549,"y":865,"width":409,"height":11}},{"id":"b18b40b9-cad7-4039-b222-af8c0519c1f3","block_type":"box","text":"issuer’s GHG reduction targets, including whether they are part of","page_number":32,"box":{"x":549,"y":879,"width":421,"height":11}},{"id":"edf71a82-a01a-4f07-a8d7-3cd1049756db","block_type":"box","text":"S-17","page_number":32,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"cd6e5d64-2799-4b0c-9eec-362757f97d80","block_type":"box","text":"the Science Based Targets initiative (“SBTi”) framework; this is","page_number":33,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"8b945494-ffe1-498b-a29f-a78f555f60f9","block_type":"box","text":"assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":33,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"16eec8d4-7010-4b70-aae4-35258479c0a1","block_type":"box","text":"The value score is calculated from the following signals: current","page_number":33,"box":{"x":82,"y":59,"width":407,"height":11}},{"id":"097695ec-f8e0-4e2d-a034-40be87147599","block_type":"box","text":"book value-to-price ratio, dividend yield (","page_number":33,"box":{"x":83,"y":73,"width":261,"height":11}},{"id":"2ec0846e-28ff-475d-98a1-341274681f22","block_type":"box","text":"i.e.","page_number":33,"box":{"x":345,"y":73,"width":17,"height":9}},{"id":"750a3726-6628-4265-9eda-3d8f163a52a3","block_type":"box","text":", 12-month trailing","page_number":33,"box":{"x":364,"y":73,"width":116,"height":11}},{"id":"269b0242-2216-4298-8e9e-1b2a4c847605","block_type":"box","text":"dividend divided by total market capitalization), earnings yield","page_number":33,"box":{"x":83,"y":88,"width":394,"height":10}},{"id":"9d4aa21d-2a76-49f0-98e3-71dafa8910af","block_type":"box","text":"(","page_number":33,"box":{"x":83,"y":102,"width":3,"height":11}},{"id":"69989d29-d03c-4ce2-a2d0-85f614b3646d","block_type":"box","text":"i.e.","page_number":33,"box":{"x":87,"y":102,"width":17,"height":8}},{"id":"457c7e08-e3d3-4853-8340-80ef61686fe6","block_type":"box","text":", 12-month net income divided by total market capitalization),","page_number":33,"box":{"x":106,"y":102,"width":392,"height":11}},{"id":"49a8d197-4663-412e-b24c-51c087685d2a","block_type":"box","text":"cash flow yield (","page_number":33,"box":{"x":83,"y":116,"width":101,"height":11}},{"id":"f4ccf54d-67bf-4d2e-9432-8ea05303dbd0","block_type":"box","text":"i.e.","page_number":33,"box":{"x":185,"y":116,"width":17,"height":8}},{"id":"13205c18-41e0-4a5f-961b-e4b5b100423c","block_type":"box","text":", 12-month cash flow divided by total market","page_number":33,"box":{"x":205,"y":116,"width":283,"height":11}},{"id":"138a854b-d02c-48a7-9635-b2edd766d8f5","block_type":"box","text":"capitalization) and time series normalized cash flow yield over the","page_number":33,"box":{"x":83,"y":130,"width":420,"height":11}},{"id":"11da1003-3958-4917-a254-6bdf4273c9f5","block_type":"box","text":"previous 36 months.","page_number":33,"box":{"x":83,"y":144,"width":130,"height":11}},{"id":"a918513b-330a-453f-9c40-1cedb41823b8","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as","page_number":33,"box":{"x":82,"y":166,"width":401,"height":11}},{"id":"ee810c7e-49a5-47a0-8457-2d1466867e7b","block_type":"box","text":"calculated by the Index Provider. The size score seeks to measure","page_number":33,"box":{"x":83,"y":180,"width":420,"height":11}},{"id":"80ea5343-13bf-42a8-bf86-dfc3467db48c","block_type":"box","text":"an issuer’s market capitalization relative to other companies in","page_number":33,"box":{"x":83,"y":195,"width":400,"height":10}},{"id":"0b4b87d3-f265-42c8-8cb9-216b007e3ddf","block_type":"box","text":"the Parent Index.","page_number":33,"box":{"x":83,"y":209,"width":107,"height":8}},{"id":"e9094dee-cb86-4f2b-962e-a83a50ae7c7d","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":33,"box":{"x":82,"y":231,"width":407,"height":11}},{"id":"a271e79a-8f77-4ee8-a7aa-ba66e35ee111","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":33,"box":{"x":83,"y":245,"width":405,"height":11}},{"id":"2b7d204e-5843-4228-a6d8-dd338dadd87c","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":33,"box":{"x":83,"y":259,"width":409,"height":11}},{"id":"3d74948e-2356-48c6-8952-003d13557997","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":33,"box":{"x":83,"y":273,"width":409,"height":11}},{"id":"cd5e16cd-3a80-4ab6-8605-f104382b2b46","block_type":"box","text":"relative to the Parent Index, among others. The Underlying Index","page_number":33,"box":{"x":83,"y":287,"width":411,"height":11}},{"id":"6d0515a6-38a3-4586-91e2-c7c2c1933388","block_type":"box","text":"is reviewed and rebalanced quarterly.","page_number":33,"box":{"x":83,"y":302,"width":238,"height":10}},{"id":"0481782b-2052-4362-baec-7f9a73101f40","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":33,"box":{"x":82,"y":323,"width":342,"height":11}},{"id":"6cf82529-3ba8-4429-a536-8137f62759ce","block_type":"box","text":"approximately 457 constituents from companies from the","page_number":33,"box":{"x":83,"y":338,"width":369,"height":10}},{"id":"2c2b4724-c19e-4b48-aa0e-a3f9a74d6e02","block_type":"box","text":"following countries or regions: Australia, Austria, Belgium,","page_number":33,"box":{"x":82,"y":352,"width":370,"height":11}},{"id":"221c8f86-a342-4dc5-961d-efe235da935d","block_type":"box","text":"Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland,","page_number":33,"box":{"x":83,"y":366,"width":418,"height":11}},{"id":"7a7fa10e-04ce-4c4f-befc-5d9b903fa754","block_type":"box","text":"Italy, Japan, the Netherlands, New Zealand, Norway, Poland,","page_number":33,"box":{"x":83,"y":380,"width":383,"height":11}},{"id":"f9f761d8-4b6b-4358-9f07-abce6ab269ec","block_type":"box","text":"Portugal, Singapore, Spain, Sweden, Switzerland and the United","page_number":33,"box":{"x":84,"y":394,"width":406,"height":11}},{"id":"b037d8a5-55d1-41db-ae7d-a16369d22d60","block_type":"box","text":"Kingdom (the “U.K.”). As of July 31, 2025, a significant portion of","page_number":33,"box":{"x":84,"y":409,"width":412,"height":10}},{"id":"b583ad28-7c0a-4729-8e0c-9cca839ea873","block_type":"box","text":"the Underlying Index is represented by securities of companies in","page_number":33,"box":{"x":83,"y":423,"width":417,"height":11}},{"id":"62cacd1f-a72a-42ae-b625-3cb51e238d24","block_type":"box","text":"the consumer goods and services, financials and industrials","page_number":33,"box":{"x":83,"y":437,"width":381,"height":11}},{"id":"0e492ad9-864c-4c2f-8af4-84f488bca7d3","block_type":"box","text":"industries or sectors. The components of the Underlying Index are","page_number":33,"box":{"x":83,"y":451,"width":422,"height":11}},{"id":"a21f176f-3871-4ec8-8eeb-0ebac96b3331","block_type":"box","text":"likely to change over time.","page_number":33,"box":{"x":83,"y":465,"width":167,"height":11}},{"id":"3a01c819-8670-4d56-9c6d-4c92e9e37f00","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":33,"box":{"x":84,"y":489,"width":376,"height":10}},{"id":"fde98ffb-41d5-4d55-a23f-089c321afe24","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":33,"box":{"x":83,"y":503,"width":417,"height":11}},{"id":"acddf1d7-277a-4976-a0b2-392541347d36","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":33,"box":{"x":83,"y":517,"width":396,"height":11}},{"id":"45797a42-de73-4fb0-bb4d-7855b38b23b4","block_type":"box","text":"markets decline or appear overvalued.","page_number":33,"box":{"x":83,"y":531,"width":244,"height":11}},{"id":"fb42ae7d-ed01-4aa1-a7c8-bb38868c1dd8","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":33,"box":{"x":83,"y":554,"width":421,"height":11}},{"id":"9af5c5ff-c67a-4a1a-80ea-d448e2714ce9","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":33,"box":{"x":83,"y":568,"width":421,"height":11}},{"id":"0f68b81b-2b74-47e6-83b5-d9b33a152bbd","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":33,"box":{"x":83,"y":583,"width":386,"height":10}},{"id":"b32b86bb-d88b-445e-ae23-73a360241368","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":33,"box":{"x":83,"y":597,"width":370,"height":11}},{"id":"7f142aad-0081-4fa1-976d-e588b9ff26ee","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":33,"box":{"x":83,"y":611,"width":356,"height":11}},{"id":"76c13631-5b87-496f-96d0-f2f9c960a91b","block_type":"box","text":"comparison to actively managed investment companies.","page_number":33,"box":{"x":83,"y":625,"width":359,"height":11}},{"id":"9dad9f74-9337-4360-a5cf-b27e8053fc6d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":33,"box":{"x":84,"y":648,"width":411,"height":11}},{"id":"ce2298fa-122d-49ed-8003-02c499208d1e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":33,"box":{"x":83,"y":663,"width":411,"height":10}},{"id":"921ea022-6c48-47a2-b913-d0e3e2e0f170","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":33,"box":{"x":83,"y":677,"width":424,"height":11}},{"id":"2258db30-feb2-4e6c-af86-cd6d1995e69b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":33,"box":{"x":83,"y":691,"width":410,"height":11}},{"id":"72e61088-e363-4de3-9fe5-3df0830a8951","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":33,"box":{"x":83,"y":705,"width":408,"height":11}},{"id":"ab7f4ded-d8bd-4d3c-b06a-fe2ed376651e","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":33,"box":{"x":83,"y":719,"width":423,"height":11}},{"id":"6147bd81-5028-45e4-810e-248b17b02334","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":33,"box":{"x":83,"y":733,"width":386,"height":11}},{"id":"ea6fb47a-34f7-4415-ab23-96cacea4b62b","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":33,"box":{"x":82,"y":748,"width":360,"height":10}},{"id":"895c2af8-ba74-4d74-998a-88494166e695","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":33,"box":{"x":82,"y":762,"width":414,"height":11}},{"id":"8e26fcce-54a1-4600-8436-7006d24df1e4","block_type":"box","text":"applicable underlying index. 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The Fund seeks to track the investment","page_number":33,"box":{"x":549,"y":137,"width":392,"height":10}},{"id":"a1debaed-23b4-475e-b450-885ccdf34e53","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":33,"box":{"x":549,"y":151,"width":404,"height":11}},{"id":"6cffead3-b4b4-4fad-a479-9680837e0623","block_type":"box","text":"Fund.","page_number":33,"box":{"x":550,"y":165,"width":33,"height":8}},{"id":"008e2238-7a06-4d23-99bb-22967cb31c4c","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":33,"box":{"x":549,"y":188,"width":411,"height":11}},{"id":"92c876ac-1b06-4119-9bb5-7f8ee78e7f8a","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":33,"box":{"x":548,"y":202,"width":371,"height":11}},{"id":"3ae2a363-dd50-40c1-9134-f03de5f3d561","block_type":"box","text":"collateral received).","page_number":33,"box":{"x":549,"y":217,"width":125,"height":10}},{"id":"17356014-8dc0-4b6e-919d-7d07b88c994a","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by STOXX,","page_number":33,"box":{"x":549,"y":240,"width":410,"height":11}},{"id":"6be9dc7e-c77b-413e-8b2f-1c3ace3957e3","block_type":"box","text":"which is independent of the Fund and BFA. 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Securities that previously exhibited","page_number":34,"box":{"x":230,"y":103,"width":231,"height":11}},{"id":"d8b1ebf9-97b6-41dc-b325-748811c2ad6e","block_type":"box","text":"greater momentum characteristics may not continue to","page_number":34,"box":{"x":83,"y":117,"width":354,"height":11}},{"id":"3247ff8c-e1c9-42dc-b58b-46c0fb8720ad","block_type":"box","text":"experience positive momentum, and such a change could occur","page_number":34,"box":{"x":83,"y":131,"width":407,"height":11}},{"id":"67abd61c-080d-4950-90b7-d90d502f6e3a","block_type":"box","text":"quickly. Momentum securities may experience more volatility than","page_number":34,"box":{"x":83,"y":146,"width":423,"height":10}},{"id":"74bdc992-4676-4a8a-a4c7-aa07d3dad05f","block_type":"box","text":"the market as a whole.","page_number":34,"box":{"x":83,"y":160,"width":144,"height":8}},{"id":"5bbea22e-d7c0-40fc-86bf-79b329d983df","block_type":"box","text":"Quality Factor Risk","page_number":34,"box":{"x":83,"y":183,"width":118,"height":11}},{"id":"c6bede36-2df7-48ad-adbb-5b7d6a85f569","block_type":"box","text":". Securities that previously exhibited greater","page_number":34,"box":{"x":201,"y":183,"width":283,"height":11}},{"id":"605dbcaf-07ed-47b8-82b7-7e33e62940cd","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":34,"box":{"x":83,"y":197,"width":409,"height":11}},{"id":"2abab105-ae63-413d-a749-5e0a83c37d8f","block_type":"box","text":"be quality securities. 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Such securities may","page_number":34,"box":{"x":83,"y":277,"width":380,"height":11}},{"id":"7683d9f6-082c-4ca7-912b-b999b9f25354","block_type":"box","text":"decline in price or fail to appreciate for long periods of time, and","page_number":34,"box":{"x":83,"y":291,"width":410,"height":11}},{"id":"6e21e69e-2207-4824-801f-33b101587e84","block_type":"box","text":"they may never realize their full potential value.","page_number":34,"box":{"x":83,"y":305,"width":301,"height":11}},{"id":"e3b47f00-3d2a-4918-9490-2502bf4cb059","block_type":"box","text":"Low Volatility Factor Risk","page_number":34,"box":{"x":83,"y":329,"width":157,"height":10}},{"id":"91e43b2d-8568-4777-8406-7b5dc08684eb","block_type":"box","text":". Low volatility securities may","page_number":34,"box":{"x":240,"y":329,"width":188,"height":10}},{"id":"1b1a0697-8d5b-4661-82e3-7fe3dffd12ef","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":34,"box":{"x":83,"y":343,"width":416,"height":11}},{"id":"fef004e5-151f-4fec-ba73-a154be4f65e0","block_type":"box","text":"or speculative stock prices. 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Errors in index data, index computations or the","page_number":34,"box":{"x":83,"y":861,"width":366,"height":11}},{"id":"e590410d-9af6-4992-bdb4-dce13cb0b374","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":34,"box":{"x":83,"y":875,"width":377,"height":11}},{"id":"0eb2a081-a309-4894-a996-73e87c38965a","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":34,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"335076b6-a225-4e95-944b-9451a05d4fb0","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":34,"box":{"x":549,"y":37,"width":396,"height":11}},{"id":"5c2c53d3-128a-43dc-9ef6-006f3d269871","block_type":"box","text":"impact on the Fund and its shareholders. 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This could cause the","page_number":34,"box":{"x":549,"y":108,"width":362,"height":11}},{"id":"1cd859ca-fa4e-4db9-8ad0-9f8210412c37","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":34,"box":{"x":550,"y":122,"width":422,"height":11}},{"id":"8fe785df-de2d-4c65-a201-a3a456311ba4","block_type":"box","text":"Asset Class Risk.","page_number":34,"box":{"x":548,"y":146,"width":114,"height":8}},{"id":"c57ff335-c4db-42df-b461-fbdf052c23cd","block_type":"box","text":"The securities and other assets in the","page_number":34,"box":{"x":668,"y":146,"width":239,"height":8}},{"id":"cde7e196-857f-411c-99af-efd99bf78c91","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":34,"box":{"x":550,"y":160,"width":405,"height":11}},{"id":"c1bb60b7-bab3-4684-9b6b-2c7cb99592e2","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":34,"box":{"x":549,"y":174,"width":405,"height":11}},{"id":"beb769b6-2a23-4ada-be3c-4927caf3cb45","block_type":"box","text":"market, another index, or other asset classes.","page_number":34,"box":{"x":549,"y":188,"width":292,"height":10}},{"id":"b4d60f78-1346-420d-8b97-f1aec6cb04aa","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":34,"box":{"x":548,"y":211,"width":290,"height":11}},{"id":"5d184707-35cb-4c34-ba7a-7d8604780c8a","block_type":"box","text":"An “Authorized","page_number":34,"box":{"x":847,"y":211,"width":93,"height":9}},{"id":"b2323342-2cd4-4b0a-8f7c-2b44662add81","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":34,"box":{"x":550,"y":226,"width":379,"height":10}},{"id":"d516ea03-4ef1-4662-a3e8-b531a328fc93","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":34,"box":{"x":549,"y":240,"width":411,"height":11}},{"id":"fd0d44a7-f304-4b41-a25c-3e5769098eae","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":34,"box":{"x":550,"y":254,"width":395,"height":11}},{"id":"c78a555e-4d63-4c99-b1e0-22b10317b436","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":34,"box":{"x":550,"y":268,"width":399,"height":11}},{"id":"5d240a35-1117-4990-a9a3-528397dde26c","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":34,"box":{"x":549,"y":339,"width":378,"height":11}},{"id":"7f8f0b74-d72b-47fc-bb2b-182ef551ae92","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":34,"box":{"x":550,"y":353,"width":379,"height":11}},{"id":"b26c5a7c-f843-4345-ba7a-d358e6d36543","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":34,"box":{"x":549,"y":367,"width":404,"height":11}},{"id":"32a17c5b-6767-44fb-9fa1-ccc1c93d0388","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":34,"box":{"x":549,"y":381,"width":399,"height":11}},{"id":"5498480f-580a-4602-8f1f-27052042d3de","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":34,"box":{"x":550,"y":396,"width":391,"height":10}},{"id":"c5ee7f2d-eb8c-4814-8662-d73bca32a3fe","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":34,"box":{"x":549,"y":410,"width":408,"height":11}},{"id":"cd4963d7-bc27-4005-8a53-7f7e634a0ef8","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":34,"box":{"x":549,"y":424,"width":273,"height":11}},{"id":"5d83ef92-a7d4-4e15-9dcd-78d0010e20f7","block_type":"box","text":"Concentration 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or","page_number":34,"box":{"x":549,"y":504,"width":395,"height":10}},{"id":"ac7ce431-8db3-4248-8fdc-5e9b0d5dd2db","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":34,"box":{"x":549,"y":518,"width":388,"height":11}},{"id":"10f1fe09-086a-4ca3-9b20-babb0747d4f2","block_type":"box","text":"asset classes.","page_number":34,"box":{"x":549,"y":532,"width":88,"height":9}},{"id":"f8647183-d481-449c-81aa-7f6776d90f68","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":34,"box":{"x":549,"y":556,"width":325,"height":10}},{"id":"0b5d211c-b542-4b9e-b07e-ce1199e930a2","block_type":"box","text":"Consumer","page_number":34,"box":{"x":880,"y":556,"width":65,"height":8}},{"id":"4aedd7b9-a60d-4653-ab83-c00d270d8b6b","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":34,"box":{"x":549,"y":570,"width":399,"height":11}},{"id":"160dfaa6-43e5-4fa7-b7cc-31c37972c75a","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":34,"box":{"x":549,"y":584,"width":421,"height":11}},{"id":"5c746a14-e1f9-4d9f-bfed-be16ef81efae","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":34,"box":{"x":549,"y":598,"width":423,"height":11}},{"id":"9818d2bb-aadd-4e9d-865d-bb87aa15346e","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":34,"box":{"x":549,"y":612,"width":404,"height":11}},{"id":"a0735b39-d80b-4d3f-a489-369589fbb85c","block_type":"box","text":"other things.","page_number":34,"box":{"x":549,"y":626,"width":80,"height":11}},{"id":"150e7cd4-6d0c-48c4-95c0-6d65ca6f7bcf","block_type":"box","text":"Currency 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currency.","page_number":34,"box":{"x":549,"y":692,"width":409,"height":11}},{"id":"24a3007f-3604-40ce-ade0-620dac184b6f","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":34,"box":{"x":549,"y":706,"width":391,"height":11}},{"id":"1fb7f8c8-b3e2-4a18-9367-c307ae954388","block_type":"box","text":"quickly and unpredictably. As a result, the Fund’s NAV may","page_number":34,"box":{"x":549,"y":721,"width":375,"height":10}},{"id":"c6adc370-5e78-491a-9622-1cf3778dcfbe","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":34,"box":{"x":549,"y":735,"width":399,"height":11}},{"id":"d16a2f5a-e9ea-4c3e-9cc5-3b89a46405db","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":34,"box":{"x":549,"y":749,"width":409,"height":8}},{"id":"17e98529-ce5a-4bb9-9087-de652eca98fa","block_type":"box","text":"and foreign currencies.","page_number":34,"box":{"x":549,"y":763,"width":146,"height":11}},{"id":"a4cf9481-20da-48da-88d6-7a1a35d3bd95","block_type":"box","text":"ESG Risk.","page_number":34,"box":{"x":549,"y":786,"width":63,"height":9}},{"id":"72f6460a-6a8d-476e-8f65-cc376745f850","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":34,"box":{"x":617,"y":786,"width":331,"height":11}},{"id":"96feb483-c13f-4afd-89af-71c382f78d79","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":34,"box":{"x":549,"y":800,"width":399,"height":11}},{"id":"23cb4b73-e264-480f-9d99-00c8d17f1b5f","block_type":"box","text":"types and number of investment opportunities available to the","page_number":34,"box":{"x":549,"y":815,"width":397,"height":10}},{"id":"37f96427-443d-43f3-b9d0-bf281dd72025","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":34,"box":{"x":550,"y":829,"width":396,"height":11}},{"id":"df0faf20-ac26-480e-8d68-af76459b81ff","block_type":"box","text":"whose underlying index does not use ESG criteria. 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Developed countries","page_number":36,"box":{"x":549,"y":103,"width":407,"height":11}},{"id":"7747de06-6295-4c83-aff1-7e2d23b651d0","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":36,"box":{"x":549,"y":117,"width":415,"height":11}},{"id":"cdfd1ee8-074a-4702-81f0-7fb9f6c07517","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":36,"box":{"x":549,"y":131,"width":406,"height":11}},{"id":"9f7f0294-a6a6-4441-a57d-dda829a4509f","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":36,"box":{"x":549,"y":146,"width":381,"height":10}},{"id":"27afa2ab-a650-4e5a-9516-eeb92f50e3e8","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":36,"box":{"x":549,"y":160,"width":373,"height":11}},{"id":"515c91c2-bf7f-4844-8954-b2ad194fbeff","block_type":"box","text":"strained international relations. 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In","page_number":36,"box":{"x":549,"y":202,"width":383,"height":11}},{"id":"4ae69f6d-acd4-4f3b-9fd2-f05744ef0966","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":36,"box":{"x":549,"y":217,"width":387,"height":10}},{"id":"2ea4cf50-4b7b-4564-bf01-af2434896e44","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":36,"box":{"x":549,"y":231,"width":372,"height":11}},{"id":"37f03f87-5f42-477f-9a34-b6768cad6f08","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":36,"box":{"x":549,"y":245,"width":381,"height":11}},{"id":"7f935900-6415-4849-b4ed-32c2c30147a2","block_type":"box","text":"availability of certain commodities.","page_number":36,"box":{"x":549,"y":259,"width":222,"height":11}},{"id":"67f5a958-8203-4200-9307-dbe406a0d762","block_type":"box","text":"Risk of Investing in Japan","page_number":36,"box":{"x":549,"y":282,"width":170,"height":11}},{"id":"34441532-3c45-4632-9919-be855cf5597d","block_type":"box","text":".","page_number":36,"box":{"x":721,"y":289,"width":2,"height":2}},{"id":"a8565219-f63a-4df4-bf15-8294ccb807b6","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":36,"box":{"x":729,"y":282,"width":242,"height":11}},{"id":"bc522ae8-ac38-4abb-b8f8-3d93f8ed7d40","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":36,"box":{"x":549,"y":296,"width":375,"height":11}},{"id":"c103edcb-8ae7-4e6b-a9ba-168a34af3341","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":36,"box":{"x":549,"y":311,"width":405,"height":10}},{"id":"8aac6ec4-d633-4164-bc8e-46c9578beddd","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":36,"box":{"x":549,"y":325,"width":396,"height":11}},{"id":"95a0ce5a-5821-4130-a19e-62129fa0ad8c","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":36,"box":{"x":549,"y":339,"width":369,"height":11}},{"id":"e074995e-ba83-46b3-9060-59c0a275c3a0","block_type":"box","text":"exports. 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Japan is also","page_number":36,"box":{"x":549,"y":410,"width":393,"height":11}},{"id":"a5cd62aa-5f9c-4176-ac4b-74596e1dd982","block_type":"box","text":"vulnerable to natural disasters.","page_number":36,"box":{"x":548,"y":424,"width":198,"height":9}},{"id":"a75b315c-57ad-4155-aed6-8c40e359dc6d","block_type":"box","text":"Securities Lending Risk.","page_number":36,"box":{"x":548,"y":447,"width":162,"height":11}},{"id":"bc12d3cc-8946-4b81-95b1-c3b35931142a","block_type":"box","text":"The Fund may engage in securities","page_number":36,"box":{"x":716,"y":447,"width":221,"height":11}},{"id":"5708cc04-ffc4-4282-a05a-487320f6a81c","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":36,"box":{"x":549,"y":461,"width":397,"height":11}},{"id":"c3b85395-e87e-4c9e-8e5a-6f21691dff1f","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":36,"box":{"x":549,"y":476,"width":418,"height":10}},{"id":"313219d1-f40a-4ee0-baec-5085cbb32d17","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":36,"box":{"x":549,"y":490,"width":409,"height":11}},{"id":"b48c25b1-4c3b-4267-a3d1-075445b9de2e","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":36,"box":{"x":549,"y":504,"width":416,"height":11}},{"id":"162f8887-9863-4b9c-8398-01887945897c","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":36,"box":{"x":549,"y":518,"width":389,"height":11}},{"id":"9034cd64-531f-49de-a630-0225a85d24d6","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":36,"box":{"x":549,"y":532,"width":406,"height":9}},{"id":"2c39cfe4-e8bd-4ee0-b73c-922a3caa3568","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":36,"box":{"x":549,"y":546,"width":301,"height":11}},{"id":"ad2fc146-596f-4c3d-853e-294002abfc63","block_type":"box","text":"Tracking Error Risk","page_number":36,"box":{"x":550,"y":570,"width":128,"height":10}},{"id":"5d60ce2a-9bf2-4d4e-9035-fb8b924a90b6","block_type":"box","text":".","page_number":36,"box":{"x":678,"y":576,"width":3,"height":2}},{"id":"135f1677-4241-4c63-9f1f-3b58ff83ce75","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":36,"box":{"x":686,"y":570,"width":284,"height":11}},{"id":"d2d9f7d6-a2e4-4658-bb15-de59aed775ff","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":36,"box":{"x":549,"y":584,"width":404,"height":11}},{"id":"92041257-19bf-4341-97ba-0c6bec27ea23","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":36,"box":{"x":549,"y":598,"width":425,"height":11}},{"id":"3556dcc0-ba28-4298-b75d-a7df754c25a3","block_type":"box","text":"factors, including differences between the securities and other","page_number":36,"box":{"x":549,"y":612,"width":401,"height":11}},{"id":"26d18f3e-6c7e-4a70-a1c7-de352797ba02","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":36,"box":{"x":549,"y":626,"width":381,"height":11}},{"id":"0335299c-bda1-42a9-84ef-33bd90fd4f80","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":36,"box":{"x":550,"y":641,"width":396,"height":10}},{"id":"b7fe8ec3-8ea0-49f6-9c27-e7dcfbdad1e8","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":36,"box":{"x":549,"y":655,"width":407,"height":10}},{"id":"b1a27e3f-274e-43f7-9735-1fcf256c13eb","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":36,"box":{"x":549,"y":669,"width":400,"height":11}},{"id":"3b2be3ec-8fe4-48ad-a385-7f08b7149351","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":36,"box":{"x":549,"y":683,"width":421,"height":11}},{"id":"cf61ff08-2b5b-4dad-8de7-39ca0e32d0c0","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":36,"box":{"x":549,"y":697,"width":374,"height":11}},{"id":"f4040442-4ee5-4fda-b368-0443b54780d5","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":36,"box":{"x":549,"y":712,"width":370,"height":10}},{"id":"84799baf-d4d0-4695-8a53-ddfb674d7821","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":36,"box":{"x":549,"y":726,"width":372,"height":11}},{"id":"7fa1e1b6-5f1a-474d-9415-3d2df05c6ca0","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":36,"box":{"x":549,"y":740,"width":420,"height":11}},{"id":"43be241f-99c5-4ab2-beb5-b8dbeb437d0e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":36,"box":{"x":549,"y":754,"width":387,"height":11}},{"id":"689a8357-694b-4e92-9a28-c734c9914132","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":36,"box":{"x":549,"y":768,"width":377,"height":11}},{"id":"b1cd2dcf-fc61-45a7-9e3a-23d346106582","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":36,"box":{"x":549,"y":782,"width":380,"height":11}},{"id":"28cb0e49-15bd-49df-a1b6-b2c6c7cdb27f","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":36,"box":{"x":549,"y":797,"width":366,"height":10}},{"id":"05aa359b-d326-41d7-8beb-a08d885719fa","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":36,"box":{"x":549,"y":811,"width":414,"height":11}},{"id":"b5c767aa-231a-485a-aa55-60ec257aebe2","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":36,"box":{"x":550,"y":825,"width":386,"height":11}},{"id":"a657d339-eb39-4fce-bd2e-598b0b27f5ca","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":36,"box":{"x":549,"y":868,"width":383,"height":8}},{"id":"b8bb691c-bfdd-479d-9fa9-454f4065f136","block_type":"box","text":"S-21","page_number":36,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"906d8314-19cf-4034-849d-2df1983d9fca","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":37,"box":{"x":83,"y":23,"width":390,"height":11}},{"id":"84a0efed-66fc-4c02-8fa4-56f6e4363394","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":37,"box":{"x":83,"y":37,"width":299,"height":9}},{"id":"678ce1ac-4fbc-4cef-b052-3a974a5cae44","block_type":"box","text":"Valuation Risk","page_number":37,"box":{"x":84,"y":60,"width":96,"height":9}},{"id":"18d6123b-9fd5-4034-9219-b74b174d80b4","block_type":"box","text":".","page_number":37,"box":{"x":180,"y":67,"width":2,"height":2}},{"id":"eb12e4fe-afec-4477-8c40-b2d7243162cf","block_type":"box","text":"The price that the Fund could receive upon the","page_number":37,"box":{"x":187,"y":61,"width":298,"height":10}},{"id":"b1c73a57-51f2-4187-a0e6-e19cd38f13b9","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":37,"box":{"x":83,"y":73,"width":408,"height":11}},{"id":"46554b13-7e20-4bc8-86b6-5cdddb51c681","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":37,"box":{"x":82,"y":86,"width":356,"height":11}},{"id":"3cc7ba9f-3f8d-427a-8f17-4bd072004282","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":37,"box":{"x":83,"y":99,"width":418,"height":11}},{"id":"f2c6e641-64d6-4b89-bb83-a69b7da776b6","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":37,"box":{"x":83,"y":112,"width":347,"height":11}},{"id":"0ed490aa-d183-43aa-8ce1-dd8a420ef7d7","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":37,"box":{"x":83,"y":125,"width":418,"height":11}},{"id":"d77e2059-b29a-4062-9e37-383d739b91bd","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":37,"box":{"x":83,"y":138,"width":406,"height":11}},{"id":"3387af8d-891f-4e55-a015-38e80610c210","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":37,"box":{"x":83,"y":151,"width":411,"height":11}},{"id":"e440efc0-ead7-4309-9f0e-170f6ee60760","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":37,"box":{"x":549,"y":23,"width":392,"height":11}},{"id":"18196f0a-e941-493a-8cbd-2435dfc32ee7","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":37,"box":{"x":549,"y":36,"width":414,"height":11}},{"id":"10f8b9d9-a3bc-4ab6-a35b-7923a6ae2e5e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":37,"box":{"x":549,"y":49,"width":394,"height":11}},{"id":"5790b66d-0ab4-447f-ab58-3d11bd5d9f4b","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":37,"box":{"x":548,"y":62,"width":383,"height":11}},{"id":"40a72069-c251-471e-acc4-7df88b8789fc","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":37,"box":{"x":549,"y":75,"width":414,"height":11}},{"id":"ace1026e-1f9f-4d31-b225-b5694dee8a7e","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":37,"box":{"x":549,"y":88,"width":392,"height":8}},{"id":"d6b45500-1d26-453a-907f-7f2504de572e","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":37,"box":{"x":548,"y":100,"width":425,"height":11}},{"id":"f858f0af-1479-43e4-9c95-26d501d2aab1","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":37,"box":{"x":548,"y":113,"width":400,"height":11}},{"id":"606c66da-8c77-4f3b-98c9-899935eeb793","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":37,"box":{"x":549,"y":126,"width":405,"height":11}},{"id":"90c66cd6-8057-4b94-a6d1-558a19fd7fbb","block_type":"box","text":"S-22","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"df21eb5b-fcad-469c-86a8-fff84d1de47c","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8a086fdf-47be-411e-8777-3028f240c45d","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":38,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"0b0859eb-5dde-4444-adf5-9987cb4669fa","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":38,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"52e642de-4d7f-4115-8536-48335f973a53","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":38,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"1699a5fe-86bd-4c19-b12d-ec192f7c26de","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":38,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"9ab084bc-217e-4d62-bf46-0d5831af8d5e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":38,"box":{"x":83,"y":99,"width":874,"height":11}},{"id":"235c5c0b-51a1-4241-8bfa-72d2462f374b","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":40,"box":{"x":83,"y":255,"width":814,"height":11}},{"id":"fa82d83d-2a44-42ff-9e7b-9ab82167fed8","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":40,"box":{"x":83,"y":269,"width":595,"height":11}},{"id":"bbdfd248-c352-4ad8-b8c7-72020f88fb9e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":40,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"0e9287fe-b323-4fad-bac7-3a18aa2c2872","block_type":"box","text":"the tables and examples below.","page_number":40,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"9f5761ce-90b3-44c6-b7b3-3b2b1c5fa374","block_type":"box","text":"Annual Fund Operating 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Carbon emissions intensity is based on the","page_number":40,"box":{"x":549,"y":865,"width":392,"height":11}},{"id":"4590b553-8ae2-4d3d-b920-47ea57633f82","block_type":"box","text":"issuer’s Scope 1 and Scope 2 GHG emissions","page_number":40,"box":{"x":549,"y":879,"width":290,"height":11}},{"id":"b95fb579-9293-471a-baae-bf27ef5ea89c","block_type":"box","text":"(i.e.","page_number":40,"box":{"x":844,"y":879,"width":22,"height":11}},{"id":"7c135375-d40a-4693-a246-7ad55594d22c","block_type":"box","text":", direct","page_number":40,"box":{"x":868,"y":879,"width":44,"height":10}},{"id":"0d1ad277-1974-4f2e-9cd6-0f8bc6edab96","block_type":"box","text":"S-25","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5d11b546-52a1-414c-9de5-2aff1c215ea4","block_type":"box","text":"emissions from sources that an issuer owns or controls and","page_number":41,"box":{"x":83,"y":23,"width":381,"height":9}},{"id":"106093a6-9cfb-4503-9dca-9974c709349c","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative","page_number":41,"box":{"x":83,"y":37,"width":410,"height":11}},{"id":"6850ddd3-4274-4fb2-9dbc-3ee6e5ae41b3","block_type":"box","text":"to peers in its Industry Classification Benchmark (“ICB”)","page_number":41,"box":{"x":83,"y":51,"width":356,"height":11}},{"id":"4eff39a9-356a-4066-9323-ffba6f8874b9","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services","page_number":41,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"2d33120d-bbd8-4123-a4df-b956a9421baa","block_type":"box","text":"(“ISS”). The GHG targets signal is based on the robustness of an","page_number":41,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"554b7077-262c-451e-9131-eb8f32820f3f","block_type":"box","text":"issuer’s GHG reduction targets, including whether they are part of","page_number":41,"box":{"x":83,"y":94,"width":421,"height":11}},{"id":"f2239fad-6eac-478d-8777-7e9147075679","block_type":"box","text":"the Science Based Targets initiative (“SBTi”) framework; this is","page_number":41,"box":{"x":83,"y":108,"width":398,"height":11}},{"id":"83b666b2-142d-41f9-821b-8ea31bb81e8e","block_type":"box","text":"assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":41,"box":{"x":83,"y":122,"width":421,"height":11}},{"id":"4f6fea28-4b5c-4a69-85fd-44ca79748dab","block_type":"box","text":"The value score is calculated from the following signals: current","page_number":41,"box":{"x":82,"y":144,"width":407,"height":11}},{"id":"6b78d528-bc7f-4be0-b289-0892d5d7d00c","block_type":"box","text":"book value-to-price ratio, dividend yield (","page_number":41,"box":{"x":83,"y":159,"width":261,"height":10}},{"id":"875b32b2-4048-4b78-b142-256302334542","block_type":"box","text":"i.e.","page_number":41,"box":{"x":345,"y":159,"width":17,"height":8}},{"id":"2161e6cf-d2f5-450b-b331-8df9a0d801ec","block_type":"box","text":", 12-month trailing","page_number":41,"box":{"x":364,"y":159,"width":116,"height":10}},{"id":"f41a507c-144a-4a45-be35-77766e6a8505","block_type":"box","text":"dividend divided by total market capitalization), earnings yield","page_number":41,"box":{"x":83,"y":173,"width":394,"height":11}},{"id":"34da02fb-fe11-4c0e-98a2-858e53822b36","block_type":"box","text":"(","page_number":41,"box":{"x":83,"y":187,"width":3,"height":11}},{"id":"801bcc2d-b65f-4ff4-be83-dfb184150ad9","block_type":"box","text":"i.e.","page_number":41,"box":{"x":87,"y":187,"width":17,"height":8}},{"id":"d00db282-394b-4986-9ecf-51d2db1fb42a","block_type":"box","text":", 12-month net income divided by total market capitalization),","page_number":41,"box":{"x":106,"y":187,"width":392,"height":11}},{"id":"1ddeeefb-e3b6-4357-bdd2-fa487dddfd56","block_type":"box","text":"cash flow yield (","page_number":41,"box":{"x":83,"y":201,"width":101,"height":11}},{"id":"70d00070-f6e9-49b4-80d1-656193064a78","block_type":"box","text":"i.e.","page_number":41,"box":{"x":185,"y":201,"width":17,"height":9}},{"id":"2b186fe7-86c0-4972-8b5c-52c61c83382c","block_type":"box","text":", 12-month cash flow divided by total market","page_number":41,"box":{"x":205,"y":201,"width":283,"height":11}},{"id":"c20dc168-b96d-4469-a9b6-9358bd5c92fb","block_type":"box","text":"capitalization) and time series normalized cash flow yield over the","page_number":41,"box":{"x":83,"y":215,"width":420,"height":11}},{"id":"eef40c03-aa0b-49d3-9b6f-f76f8cdf090d","block_type":"box","text":"previous 36 months.","page_number":41,"box":{"x":83,"y":229,"width":130,"height":11}},{"id":"b7aae784-e60a-4708-96e5-d0fd26129b4d","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as","page_number":41,"box":{"x":82,"y":251,"width":401,"height":11}},{"id":"cbee3ea3-ea95-45f1-bd18-f90d4c1f4b08","block_type":"box","text":"calculated by the Index Provider.","page_number":41,"box":{"x":83,"y":266,"width":207,"height":10}},{"id":"cd8f5607-ab38-46ca-afba-1cf2736b5a45","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":41,"box":{"x":82,"y":287,"width":407,"height":11}},{"id":"6144a479-8549-46d1-afae-c1f60add30a8","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":41,"box":{"x":83,"y":302,"width":405,"height":10}},{"id":"a0efb9fd-6b0b-4358-989b-3968feba39f6","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":41,"box":{"x":83,"y":316,"width":409,"height":11}},{"id":"9375bb52-75c1-4bee-9c96-4c54663fb07c","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":41,"box":{"x":83,"y":330,"width":409,"height":11}},{"id":"1ef706b7-89c6-4102-a398-567a00c97033","block_type":"box","text":"relative to the Parent Index, among others. The Underlying Index","page_number":41,"box":{"x":83,"y":344,"width":411,"height":11}},{"id":"5ec60f43-1ef7-4a67-86af-f90fba712a3d","block_type":"box","text":"is reviewed and rebalanced quarterly.","page_number":41,"box":{"x":83,"y":358,"width":238,"height":11}},{"id":"943d10ce-82d0-4ebe-a1c0-eab8b2ee8246","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":41,"box":{"x":82,"y":380,"width":342,"height":11}},{"id":"e11c7af6-57e0-45b0-ae17-5233458016c9","block_type":"box","text":"approximately 1,092 constituents from companies in the following","page_number":41,"box":{"x":83,"y":394,"width":423,"height":11}},{"id":"a41c6057-bf9f-4de0-9623-53d0e051f327","block_type":"box","text":"countries or regions: Australia, Austria, Belgium, Canada,","page_number":41,"box":{"x":83,"y":409,"width":364,"height":10}},{"id":"b93c9044-7116-4297-ae3e-197c51a3f922","block_type":"box","text":"Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,","page_number":41,"box":{"x":83,"y":423,"width":405,"height":11}},{"id":"0e1a6bf0-1ff5-4a98-bad5-96fb865d7eba","block_type":"box","text":"Italy, Japan, the Netherlands, New Zealand, Norway, Portugal,","page_number":41,"box":{"x":83,"y":437,"width":393,"height":11}},{"id":"751c020a-511d-4961-a68e-a2dcd221b0d5","block_type":"box","text":"Singapore, Spain, Sweden, Switzerland and the United Kingdom","page_number":41,"box":{"x":83,"y":451,"width":406,"height":11}},{"id":"31db75dc-3c19-47c2-94cc-4762326b63b3","block_type":"box","text":"(the “U.K.”).","page_number":41,"box":{"x":83,"y":465,"width":76,"height":11}},{"id":"c478c679-ff96-4de5-90d9-66802de50e93","block_type":"box","text":"As of July 31, 2025, a significant portion of the Underlying Index is","page_number":41,"box":{"x":82,"y":487,"width":421,"height":11}},{"id":"053d1ba1-1490-4041-87f6-79d7a04773c3","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":41,"box":{"x":83,"y":501,"width":402,"height":11}},{"id":"944e8c82-3d21-4779-a847-98275e23fad8","block_type":"box","text":"and services and industrials industries or sectors. The","page_number":41,"box":{"x":83,"y":516,"width":344,"height":8}},{"id":"7c660273-7f26-4875-8644-1b41d6d39e01","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":41,"box":{"x":83,"y":530,"width":392,"height":11}},{"id":"6bf369e0-87e1-43b5-906d-ee2f2a7c058f","block_type":"box","text":"time.","page_number":41,"box":{"x":83,"y":544,"width":31,"height":8}},{"id":"332c5762-5460-41dd-9620-56b455f1de34","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":41,"box":{"x":84,"y":567,"width":376,"height":11}},{"id":"a6837166-5ba9-4112-a372-f96a1082fc4e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":41,"box":{"x":83,"y":581,"width":417,"height":11}},{"id":"23e7bc7a-ad66-4c53-b362-ee403b560c01","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":41,"box":{"x":83,"y":595,"width":396,"height":11}},{"id":"57f6254b-def5-48bc-bcd4-6c28162a4d55","block_type":"box","text":"markets decline or appear overvalued.","page_number":41,"box":{"x":83,"y":610,"width":244,"height":10}},{"id":"cf9acfb8-c317-48e1-be1a-dd125509f183","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":41,"box":{"x":83,"y":633,"width":421,"height":11}},{"id":"2274080d-acf9-448d-be8d-9beebdc4ec91","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":41,"box":{"x":83,"y":647,"width":421,"height":11}},{"id":"adc26f77-b0e0-41ec-9146-970ff5d86f65","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":41,"box":{"x":83,"y":661,"width":386,"height":11}},{"id":"13642cc1-25d9-491e-8418-344a926b9f14","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":41,"box":{"x":83,"y":675,"width":370,"height":11}},{"id":"64982f31-a8d8-43e1-8172-c8136d490061","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":41,"box":{"x":83,"y":690,"width":356,"height":10}},{"id":"5fe5a19a-71c8-466f-83f2-ed15a327f087","block_type":"box","text":"comparison to actively managed investment companies.","page_number":41,"box":{"x":83,"y":704,"width":359,"height":11}},{"id":"72b07ac6-527c-4a98-9a55-cbf9886015df","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":41,"box":{"x":84,"y":727,"width":411,"height":11}},{"id":"a1a4c2db-d0c4-4af5-bfba-6dfe03de57db","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":41,"box":{"x":83,"y":741,"width":411,"height":11}},{"id":"9b526531-4c98-465d-b086-5065d851edca","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":41,"box":{"x":83,"y":755,"width":424,"height":11}},{"id":"9c443163-a2ce-46d0-9bcf-52e97e6ba1e8","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":41,"box":{"x":83,"y":770,"width":410,"height":10}},{"id":"b1c0f4a7-c93c-4c4a-ad7a-f86b8d7a8691","block_type":"box","text":"that of an applicable underlying index. 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The Fund may or may not hold all of","page_number":41,"box":{"x":83,"y":855,"width":410,"height":10}},{"id":"c957a495-18bd-4cc4-b4b2-dce9c633b56a","block_type":"box","text":"the components of the Underlying Index.","page_number":41,"box":{"x":83,"y":869,"width":259,"height":11}},{"id":"44c0892f-aec0-40ca-9522-6d8a1adf0ce4","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":41,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"9e2f499a-70ed-4311-a74f-c358ea6577a7","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":41,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"dd5d34a8-ac7a-4363-a678-2a6eeddae083","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":41,"box":{"x":549,"y":52,"width":421,"height":10}},{"id":"9428ed57-b4ad-4769-8eaf-bb1ecdc5c385","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":41,"box":{"x":549,"y":66,"width":335,"height":11}},{"id":"eded02ef-3b80-41d0-ac97-29a55f6c382d","block_type":"box","text":"i.e","page_number":41,"box":{"x":885,"y":66,"width":14,"height":8}},{"id":"87518bbe-e3ab-434d-9f09-8dcff05e3d8e","block_type":"box","text":".,","page_number":41,"box":{"x":901,"y":73,"width":6,"height":3}},{"id":"ea3fc4f8-90c8-4baa-ac09-56abed9ca758","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":41,"box":{"x":549,"y":80,"width":388,"height":11}},{"id":"d491e9ed-b286-4e74-bbce-c61ce92c3c51","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":41,"box":{"x":550,"y":94,"width":403,"height":11}},{"id":"1c58a325-6912-43aa-89bc-6547b00f6e54","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":41,"box":{"x":549,"y":108,"width":418,"height":11}},{"id":"df0534ae-6e87-4404-86b8-759a00f9ceb2","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":41,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"fa8c87f3-b6aa-428c-b8ec-7be73ce7b8de","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":41,"box":{"x":549,"y":137,"width":388,"height":10}},{"id":"16272618-dba8-4c8a-935c-0310f6ff8b07","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":41,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"c769d349-6124-4113-8deb-a8c65b5f87e9","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":41,"box":{"x":549,"y":165,"width":360,"height":11}},{"id":"71b3b120-6043-410d-9ab7-bed8aaa9f2de","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":41,"box":{"x":549,"y":179,"width":407,"height":11}},{"id":"b2474a45-5e3e-44ac-ace3-b6886cd48a40","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":41,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"34b9b086-c547-49c5-bdf6-5eed416e25f3","block_type":"box","text":"the Underlying Index. 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Momentum securities may experience more volatility than","page_number":42,"box":{"x":83,"y":348,"width":423,"height":11}},{"id":"e417e782-1397-4cf0-ad50-5ff1b500a408","block_type":"box","text":"the market as a whole.","page_number":42,"box":{"x":83,"y":362,"width":144,"height":9}},{"id":"da2698ba-4261-48f7-bb26-f0820bb79277","block_type":"box","text":"Quality Factor Risk","page_number":42,"box":{"x":83,"y":385,"width":118,"height":11}},{"id":"6395e741-956f-45a8-8088-818c1b3c4d4a","block_type":"box","text":". Securities that previously exhibited greater","page_number":42,"box":{"x":201,"y":385,"width":283,"height":11}},{"id":"18181178-ae7b-4e5c-8ef7-74d6100dc191","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":42,"box":{"x":83,"y":400,"width":409,"height":10}},{"id":"973986be-ab82-4da4-b4f8-603b1374136e","block_type":"box","text":"be quality securities. 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Low volatility securities may","page_number":42,"box":{"x":240,"y":531,"width":188,"height":11}},{"id":"f598b7ee-78d7-4ab9-9cc9-7562ef08ffff","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":42,"box":{"x":83,"y":545,"width":416,"height":11}},{"id":"092424ad-5dce-48e0-9044-dd9a963ea079","block_type":"box","text":"or speculative stock prices. The prices of such securities may not","page_number":42,"box":{"x":83,"y":559,"width":417,"height":11}},{"id":"b33fa1b3-7105-42d4-b0df-03f7d270e43d","block_type":"box","text":"be any less volatile (and could be more volatile) than the market","page_number":42,"box":{"x":83,"y":574,"width":409,"height":10}},{"id":"88e71562-86ce-4acf-a5da-dc20638bb734","block_type":"box","text":"as a whole.","page_number":42,"box":{"x":83,"y":588,"width":70,"height":8}},{"id":"0d526a65-7daa-4f3b-bca0-ba823682baf6","block_type":"box","text":"Equity Securities Risk","page_number":42,"box":{"x":83,"y":611,"width":147,"height":11}},{"id":"928748ce-dcae-467b-a74e-f7cf30027653","block_type":"box","text":".","page_number":42,"box":{"x":230,"y":618,"width":3,"height":1}},{"id":"f9faac30-ff6e-461f-ae09-4bf93f8aa58b","block_type":"box","text":"Equity securities are subject to changes","page_number":42,"box":{"x":239,"y":611,"width":254,"height":11}},{"id":"f0ab819e-9d1b-4247-84df-3eb138703f2c","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":42,"box":{"x":83,"y":625,"width":422,"height":11}},{"id":"dc75f749-e3d8-4268-b569-e1e7c162482c","block_type":"box","text":"asset classes. 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Common stock has the lowest priority, and the","page_number":42,"box":{"x":83,"y":696,"width":412,"height":11}},{"id":"8717db54-82fb-4fb0-99f7-713b5d9fcdd6","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":42,"box":{"x":83,"y":710,"width":372,"height":11}},{"id":"0f3b170a-3b76-4a9f-aa88-718903e4cc91","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":42,"box":{"x":83,"y":724,"width":309,"height":11}},{"id":"d0bb4f1d-c855-46a2-98ce-e95744934f58","block_type":"box","text":"Market Risk","page_number":42,"box":{"x":83,"y":748,"width":82,"height":8}},{"id":"8637fa16-1745-41bc-9ffd-f7b688ee2640","block_type":"box","text":".","page_number":42,"box":{"x":165,"y":754,"width":2,"height":2}},{"id":"3777af9e-1ef7-4aae-aa2f-9ad1f8243019","block_type":"box","text":"The Fund could lose money over short periods due","page_number":42,"box":{"x":172,"y":748,"width":323,"height":10}},{"id":"b1930d94-3760-4b2c-9f5e-fc3089621247","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":42,"box":{"x":83,"y":762,"width":413,"height":11}},{"id":"a35a966f-937f-4ef1-b7b1-3b8d9ef74713","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":42,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"c665efcd-317c-4ed6-b273-801a1b662ff8","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":42,"box":{"x":549,"y":80,"width":408,"height":11}},{"id":"c2e124ab-dfcd-4c11-9881-b6e4face01dc","block_type":"box","text":"information will provide an accurate assessment of included","page_number":42,"box":{"x":549,"y":94,"width":384,"height":11}},{"id":"87b63a08-fd30-4c6d-8cc9-7ce7d3d26549","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":42,"box":{"x":549,"y":108,"width":388,"height":11}},{"id":"c7c3a0c1-8622-4707-b1d6-2cf191803093","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":42,"box":{"x":549,"y":122,"width":366,"height":11}},{"id":"ae554c68-66fe-4875-940a-5c7b44dd483f","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":42,"box":{"x":549,"y":137,"width":377,"height":10}},{"id":"a2a713c9-da54-483f-a843-13eb988fef92","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":42,"box":{"x":549,"y":151,"width":413,"height":11}},{"id":"fef48fda-26df-4aae-ae24-1530f272b980","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":42,"box":{"x":549,"y":165,"width":396,"height":11}},{"id":"59f96f86-e59b-40f0-9aa3-d18a60014f7c","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":42,"box":{"x":549,"y":179,"width":367,"height":11}},{"id":"41d33f1b-5d3c-4a63-a04c-30e7a54b7fc6","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":42,"box":{"x":549,"y":193,"width":400,"height":11}},{"id":"39047649-d5fc-44f6-a682-325cd11c2036","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":42,"box":{"x":549,"y":208,"width":409,"height":10}},{"id":"fa199afe-dac0-4561-a1fd-ecbb39cd356b","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":42,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"92598fa6-1a5b-4cc8-aab5-fc701930f928","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":42,"box":{"x":549,"y":236,"width":362,"height":11}},{"id":"679b586b-cc21-4583-b090-4e42c4a96b14","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":42,"box":{"x":550,"y":250,"width":422,"height":11}},{"id":"0424d11a-f4d2-463f-bdd0-d4fa21aa1f3e","block_type":"box","text":"Asset Class Risk.","page_number":42,"box":{"x":548,"y":273,"width":114,"height":9}},{"id":"1129e986-47e6-4902-876a-3ce33844f72a","block_type":"box","text":"The securities and other assets in the","page_number":42,"box":{"x":668,"y":273,"width":239,"height":9}},{"id":"d2aa1243-bc54-4298-9646-5584082d58d4","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":42,"box":{"x":550,"y":287,"width":405,"height":11}},{"id":"23264afb-dc23-4eac-95fe-ef6b35116912","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":42,"box":{"x":549,"y":302,"width":405,"height":10}},{"id":"f3624df7-cf30-4f58-803a-ddb755232ded","block_type":"box","text":"market, another index, or other asset classes.","page_number":42,"box":{"x":549,"y":316,"width":292,"height":10}},{"id":"b8097f07-040f-446b-863a-6f7e7e16a01f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":42,"box":{"x":548,"y":339,"width":290,"height":11}},{"id":"fdb615fc-2aab-455a-a32d-e8b606e05391","block_type":"box","text":"An “Authorized","page_number":42,"box":{"x":847,"y":339,"width":93,"height":8}},{"id":"62312c90-2999-476f-b4b5-124e52e9b1e2","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":42,"box":{"x":550,"y":353,"width":379,"height":11}},{"id":"4e6855d5-c39f-4c99-bec8-108c06a81e26","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":42,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"5d9a83b5-e4b3-438c-9e13-892fb444f5c7","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":42,"box":{"x":550,"y":381,"width":395,"height":11}},{"id":"965c1a31-99e4-4620-96d9-0ceb0576cac5","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":42,"box":{"x":550,"y":396,"width":399,"height":10}},{"id":"244e1265-ab6c-43e6-a8b5-567b16440a1a","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":42,"box":{"x":549,"y":410,"width":407,"height":11}},{"id":"8ba42148-8094-4f8b-a631-3f923bc12729","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":42,"box":{"x":549,"y":424,"width":409,"height":11}},{"id":"88c0c692-b7ef-4bc0-92bf-9c751463ea0c","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":42,"box":{"x":549,"y":438,"width":412,"height":11}},{"id":"42af850c-6eb9-43ba-9b87-87153d0b6bd5","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":42,"box":{"x":549,"y":452,"width":403,"height":11}},{"id":"4437526d-9d66-49d7-93ff-62cd8dab900e","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":42,"box":{"x":549,"y":467,"width":378,"height":10}},{"id":"ea770775-62b5-4125-bc3a-0fe1520571a4","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":42,"box":{"x":550,"y":481,"width":379,"height":11}},{"id":"74d51f7f-eb0b-4c07-b0b3-031786016278","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":42,"box":{"x":549,"y":495,"width":404,"height":11}},{"id":"20e03673-4cb8-4f06-b84f-9437b35fa516","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":42,"box":{"x":549,"y":509,"width":399,"height":11}},{"id":"04dd9bf8-d8d0-4b34-a103-5d7b7ee3c9ec","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":42,"box":{"x":550,"y":523,"width":391,"height":11}},{"id":"b5dc8a1b-8056-4d98-87ab-0eed40e132ca","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":42,"box":{"x":549,"y":538,"width":408,"height":10}},{"id":"4ce440df-7de5-4b72-9a37-3a8fdc935677","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":42,"box":{"x":549,"y":552,"width":273,"height":11}},{"id":"402a6f9f-2fae-4152-9953-42bc796689d9","block_type":"box","text":"Concentration 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or","page_number":42,"box":{"x":549,"y":632,"width":395,"height":10}},{"id":"03bfd021-6424-49e0-93cb-f153db462c11","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":42,"box":{"x":549,"y":646,"width":388,"height":11}},{"id":"ffbfc368-332a-4245-b41d-59c5ac38b055","block_type":"box","text":"asset classes.","page_number":42,"box":{"x":549,"y":660,"width":88,"height":8}},{"id":"1dcb226c-0157-450a-a8d5-b0718a0e47c0","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":42,"box":{"x":549,"y":683,"width":325,"height":11}},{"id":"57754289-9761-42f8-9211-2bf63b547683","block_type":"box","text":"Consumer","page_number":42,"box":{"x":880,"y":683,"width":65,"height":9}},{"id":"5cff7eb8-5bcc-4482-83a2-b1a928e2f88b","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":42,"box":{"x":549,"y":697,"width":399,"height":11}},{"id":"3024705f-19a1-43a4-b961-78272338777a","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":42,"box":{"x":549,"y":712,"width":421,"height":10}},{"id":"ade4b3f6-011f-4330-b609-95da5827ef9e","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":42,"box":{"x":549,"y":726,"width":423,"height":11}},{"id":"e656572b-b7b4-4b26-8da8-9d1df39342e4","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":42,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"026dc3b3-72bd-4152-ac96-4e50670a1dda","block_type":"box","text":"other things.","page_number":42,"box":{"x":549,"y":754,"width":80,"height":11}},{"id":"a938ffb5-1286-4d60-a257-6656862aea02","block_type":"box","text":"Currency Risk","page_number":42,"box":{"x":549,"y":777,"width":96,"height":11}},{"id":"08b9052f-4b1d-4047-8108-1c9d659a97bb","block_type":"box","text":".","page_number":42,"box":{"x":645,"y":784,"width":2,"height":2}},{"id":"37842751-81e7-44f3-a37f-c3951a6ccb7a","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":42,"box":{"x":653,"y":777,"width":292,"height":9}},{"id":"aa082d35-edaa-43e9-b418-05f59f75bca4","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":42,"box":{"x":549,"y":791,"width":424,"height":11}},{"id":"2fc23379-6539-47b9-a933-dca4173bdd33","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":42,"box":{"x":549,"y":806,"width":416,"height":10}},{"id":"aa29f78b-4f32-4c72-969d-c6ffc5601a1b","block_type":"box","text":"there are delays or limits on the repatriation of foreign currency.","page_number":42,"box":{"x":549,"y":820,"width":409,"height":11}},{"id":"7fb8303c-08f7-440e-b9ce-8b653cea156b","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":42,"box":{"x":549,"y":834,"width":391,"height":11}},{"id":"3a8bbc4b-9136-4925-9809-1cb3d8d75285","block_type":"box","text":"quickly and unpredictably. As a result, the Fund’s NAV may","page_number":42,"box":{"x":549,"y":848,"width":375,"height":11}},{"id":"c0b02e9e-919f-47a7-bd1a-ebd27e400de2","block_type":"box","text":"change quickly and without warning. 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These","page_number":43,"box":{"x":549,"y":188,"width":360,"height":11}},{"id":"8211a760-9275-4e1c-be67-79cf63aef1de","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":43,"box":{"x":549,"y":202,"width":398,"height":11}},{"id":"653026a6-1085-42a7-ab76-5ae5437dea07","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":43,"box":{"x":550,"y":216,"width":410,"height":11}},{"id":"4ecf652a-d784-4f4d-bfe9-884453c60bbd","block_type":"box","text":"Operational and Technology Risks","page_number":43,"box":{"x":549,"y":240,"width":230,"height":10}},{"id":"233fd2b8-b9e6-4186-93ef-04f7b39ffaa5","block_type":"box","text":".","page_number":43,"box":{"x":780,"y":246,"width":2,"height":2}},{"id":"abcdd35f-c2a5-46af-83e1-45abf0b3b753","block_type":"box","text":"The Fund is directly and","page_number":43,"box":{"x":787,"y":240,"width":152,"height":11}},{"id":"11846141-c256-44e0-ab59-6857e3cafa9d","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":43,"box":{"x":549,"y":254,"width":368,"height":11}},{"id":"d3df5190-d5bc-4e46-a8cd-01c3fbd3008c","block_type":"box","text":"including those related to human errors, processing errors,","page_number":43,"box":{"x":549,"y":268,"width":376,"height":11}},{"id":"233d62fc-6309-4442-b175-153392e03e90","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":43,"box":{"x":549,"y":282,"width":413,"height":11}},{"id":"e4105aab-2608-4ba0-8c74-1cc807945fbf","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":43,"box":{"x":549,"y":296,"width":404,"height":11}},{"id":"41b04bd8-561f-4a0d-819a-99737038675a","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":43,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"3674192d-8c51-4094-92f2-28f4b0fb6f75","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":43,"box":{"x":549,"y":325,"width":377,"height":11}},{"id":"2e2fec67-61e7-4933-9b92-c0d06e54ba2e","block_type":"box","text":"providers are required to have appropriate operational,","page_number":43,"box":{"x":549,"y":339,"width":350,"height":11}},{"id":"eb6d83d1-0ea4-435e-b56d-4584b0dd4db8","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":43,"box":{"x":549,"y":353,"width":414,"height":11}},{"id":"daf9f8e2-5d58-452e-b5ae-829a4fcacc0a","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":43,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"1cec4ebf-0381-45ae-a945-f880cd6b0514","block_type":"box","text":"from those of the Fund. 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Tracking error may occur due to a number of","page_number":44,"box":{"x":549,"y":311,"width":425,"height":10}},{"id":"62fdaa0a-c10f-499d-be4a-87c244f68124","block_type":"box","text":"factors, including differences between the securities and other","page_number":44,"box":{"x":549,"y":325,"width":401,"height":11}},{"id":"e61da795-0838-4e54-bd71-ef69283c9ff6","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":44,"box":{"x":549,"y":339,"width":381,"height":11}},{"id":"9b94e02f-2f09-4b75-87d2-ad7418e5c178","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":44,"box":{"x":550,"y":353,"width":396,"height":11}},{"id":"2701b83d-dd79-4270-988c-382f79fdcc36","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":44,"box":{"x":549,"y":367,"width":407,"height":10}},{"id":"e9601544-2499-4ffd-a09a-439eb838a1cb","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":44,"box":{"x":549,"y":382,"width":400,"height":10}},{"id":"ed9141bd-b42d-4689-985a-0d9f55e47f98","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":44,"box":{"x":549,"y":396,"width":421,"height":11}},{"id":"d5ee1605-36c2-4345-b2ac-0d57ca78145b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":44,"box":{"x":549,"y":410,"width":374,"height":11}},{"id":"44be5300-6efc-4e10-8d63-9ccc23bd6212","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":44,"box":{"x":549,"y":424,"width":370,"height":11}},{"id":"0b6fd197-b48c-4f14-b3f3-41d9edb431bf","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":44,"box":{"x":549,"y":438,"width":372,"height":11}},{"id":"2ec1507d-fe15-4f06-80ca-98aa9e110dc0","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":44,"box":{"x":549,"y":452,"width":420,"height":11}},{"id":"c754b465-432c-44f5-85fb-cb5a3f911401","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":44,"box":{"x":549,"y":467,"width":387,"height":10}},{"id":"045186c3-5564-401c-9178-68e05b1b322f","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":44,"box":{"x":549,"y":481,"width":377,"height":11}},{"id":"527da760-6c9b-4761-837c-80dbbb1f46ca","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":44,"box":{"x":549,"y":495,"width":380,"height":11}},{"id":"443f96d1-8b4a-41dc-a75d-ff066ae0cc95","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":44,"box":{"x":549,"y":509,"width":366,"height":11}},{"id":"f8137170-1cb1-4367-a688-3258579c58b6","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":44,"box":{"x":549,"y":523,"width":414,"height":11}},{"id":"1942a43b-48a6-4d7d-8fcb-c6ef70190661","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":44,"box":{"x":550,"y":537,"width":386,"height":11}},{"id":"c7dde4ca-76d7-4b0a-8772-694f92fd5456","block_type":"box","text":"certain regulatory requirements or limits. 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The price received by the Fund also may differ from","page_number":44,"box":{"x":549,"y":702,"width":418,"height":11}},{"id":"adc57a72-b1c1-4830-81c1-b68050aad0bd","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":44,"box":{"x":549,"y":717,"width":406,"height":11}},{"id":"58826817-7f6f-437a-889e-67427ca52c7f","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":44,"box":{"x":549,"y":731,"width":411,"height":11}},{"id":"1fc2a92b-426a-4726-a27c-3f830e3f3e7e","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":44,"box":{"x":549,"y":745,"width":392,"height":11}},{"id":"c9072453-21d1-4568-b8ae-4ba456049fe2","block_type":"box","text":"purchase or sell Fund shares. 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Ask your","page_number":46,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"d18d17c2-898e-4d46-8941-51b9f36c1925","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":46,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"06153918-c0fb-4087-a7b2-0a2eb089c35e","block_type":"box","text":"information.","page_number":46,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"6cc48ca5-090f-41ab-b4b1-08d417b368d5","block_type":"box","text":"S-31","page_number":46,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"a38c785a-4834-46ab-9303-08709d7320c4","block_type":"box","text":"iSHARES","page_number":47,"box":{"x":284,"y":24,"width":118,"height":15}},{"id":"c8ecf800-18c0-41de-a5ca-6f6a2cdac9e6","block_type":"box","text":"®","page_number":47,"box":{"x":406,"y":17,"width":10,"height":8}},{"id":"7f72c975-1fc3-4536-a68b-e6dca42320e1","block_type":"box","text":"MSCI EAFE GROWTH ETF","page_number":47,"box":{"x":428,"y":24,"width":346,"height":15}},{"id":"b8e92379-deba-40bd-81bc-4f7f2cc0650a","block_type":"box","text":"Ticker: EFG Stock Exchange: Cboe BZX","page_number":47,"box":{"x":287,"y":53,"width":478,"height":12}},{"id":"3632c79a-33f9-4533-aa5f-9b8b8f775175","block_type":"box","text":"Investment Objective","page_number":47,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"ae55556e-c7c8-4582-b83b-4492b14fe262","block_type":"box","text":"The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities,","page_number":47,"box":{"x":82,"y":116,"width":891,"height":11}},{"id":"20b5a87c-8d85-4453-9b86-98249bee87e9","block_type":"box","text":"excluding the U.S. and Canada, that exhibit growth characteristics.","page_number":47,"box":{"x":83,"y":130,"width":426,"height":11}},{"id":"5e0ab570-5e2d-4d73-ac16-160a3fc4c860","block_type":"box","text":"Fees and Expenses","page_number":47,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"e23b582b-e92e-43f3-adc6-fbef06f43bed","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":47,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"e9e8c7ea-5487-4090-acea-9a6ddf64837f","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":47,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"48da8500-8ecf-40f8-9024-c1d96e440c25","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":47,"box":{"x":83,"y":213,"width":825,"height":10}},{"id":"e26b0600-9d9d-45c0-a25b-c1a035101724","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":47,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"65dd7008-4415-4e83-a589-b7345fb85ff5","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":47,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"72417594-63c6-494e-98ac-3e1c82c2e7c9","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":47,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"fa1ded1a-fd70-4e21-bc8a-4c4d82813946","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":47,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"adfdbd7f-d27d-4fe9-9f53-0ed759c1b1e2","block_type":"box","text":"the tables and examples below.","page_number":47,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"f2050b23-0ff2-4285-90bc-028bd0e49149","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":47,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"ee17aa0a-93b9-47d1-ac5c-d3a645c46898","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":47,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"b1fcd56d-5476-4eba-a997-1405405e75e2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":47,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"d7412cf9-ce4f-4c8d-a8e3-8434b9e2f328","block_type":"box","text":"$35 $109 $191 $431","page_number":47,"box":{"x":202,"y":548,"width":647,"height":9}},{"id":"7cbe0bbd-cdce-41ec-9a9d-e5d48b97f868","block_type":"box","text":"Portfolio Turnover.","page_number":47,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"4ee8b7f4-f548-4571-8842-05a65372de32","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":47,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"558ce975-7bd9-4371-a23b-a37772e61c86","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":47,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"1a1f21da-e66b-4485-8f7c-35e64d4bcd4d","block_type":"box","text":"portfolio). 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During the most recent","page_number":47,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"d7460ef0-f5a4-4698-ba60-44dbbe17e0c2","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 23% of the","page_number":47,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"9c1aa03f-ff5c-44e6-8e1c-7aa96ce0c667","block_type":"box","text":"average value of its portfolio.","page_number":47,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"dea2b728-f205-4bb0-8e66-4ce8ffa82740","block_type":"box","text":"Principal Investment Strategies","page_number":47,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"3e1e2c51-8624-4fff-9926-37e5c23e2c1f","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":47,"box":{"x":82,"y":755,"width":417,"height":9}},{"id":"08792126-55a4-4b3f-8578-0a2959eaac4b","block_type":"box","text":"Growth Index (the “Underlying Index”), which is a subset of the","page_number":47,"box":{"x":83,"y":770,"width":400,"height":10}},{"id":"4d211247-faa8-4c0a-bb43-5cf7b1372d4c","block_type":"box","text":"MSCI EAFE Index. The MSCI EAFE Index has been developed by","page_number":47,"box":{"x":83,"y":784,"width":407,"height":11}},{"id":"572afcfd-a696-45a3-b585-0eee186ffbfd","block_type":"box","text":"MSCI Inc. (the “Index Provider” or “MSCI”) to measure the equity","page_number":47,"box":{"x":83,"y":798,"width":417,"height":11}},{"id":"46e45eae-cf23-46fb-ace3-08e6eb5dda3f","block_type":"box","text":"market performance of developed markets outside of the U.S. and","page_number":47,"box":{"x":83,"y":812,"width":423,"height":11}},{"id":"2ab2cf94-9f21-4bec-a17c-472d90be5bf3","block_type":"box","text":"Canada.","page_number":47,"box":{"x":83,"y":826,"width":51,"height":9}},{"id":"9d5fca9c-0c9b-4475-8991-eb61fcea9c86","block_type":"box","text":"Constituents of the Underlying Index include securities of","page_number":47,"box":{"x":83,"y":848,"width":367,"height":11}},{"id":"9f8cfb64-505f-4957-9405-f74750d299d5","block_type":"box","text":"companies located in Europe, Australasia and the Far East. The","page_number":47,"box":{"x":83,"y":862,"width":402,"height":11}},{"id":"b855a210-8a85-41c3-b5c8-ef91adfe4034","block_type":"box","text":"Underlying Index generally represents approximately 50% of the","page_number":47,"box":{"x":83,"y":877,"width":407,"height":10}},{"id":"004bf96b-13f7-4e8e-b2f3-e6cb5a577ba8","block_type":"box","text":"free float-adjusted market capitalization of the MSCI EAFE Index","page_number":47,"box":{"x":549,"y":580,"width":412,"height":11}},{"id":"19f0173a-6071-4cf0-baa2-4fea25bf8d48","block_type":"box","text":"and consists of those securities classified by MSCI as most","page_number":47,"box":{"x":549,"y":594,"width":379,"height":11}},{"id":"c2112616-3c3f-4006-949e-6a908bf6b2e7","block_type":"box","text":"representing the growth style. MSCI uses five variables to identify","page_number":47,"box":{"x":549,"y":608,"width":421,"height":11}},{"id":"9feb5dc0-cd5a-4fd9-8488-1f075eb20ec6","block_type":"box","text":"growth style securities: long-term forward earnings per share","page_number":47,"box":{"x":549,"y":623,"width":392,"height":10}},{"id":"77ff326d-2662-4d89-82e3-572381f8534c","block_type":"box","text":"(“EPS”) growth rate, short-term forward EPS growth rate, current","page_number":47,"box":{"x":549,"y":637,"width":416,"height":11}},{"id":"f73e9597-49ea-4f7a-935c-f278a59ed6f5","block_type":"box","text":"internal growth rate, long-term historical EPS growth trend and","page_number":47,"box":{"x":549,"y":651,"width":402,"height":11}},{"id":"ef30f5d5-b2c9-4988-b2be-c66a2d077627","block_type":"box","text":"long-term historical sales per share growth trend. MSCI uses a","page_number":47,"box":{"x":549,"y":665,"width":400,"height":11}},{"id":"5b971ebf-24fb-4102-9479-ba6cc260ffde","block_type":"box","text":"specialized framework to attribute both value and growth style","page_number":47,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"ad89d0bf-1d4f-438e-94aa-a0cb0c7116da","block_type":"box","text":"characteristics to each security within the MSCI EAFE Index. Each","page_number":47,"box":{"x":549,"y":693,"width":421,"height":11}},{"id":"fa428ab1-df2a-463f-9efe-bc6df5d935ac","block_type":"box","text":"security is evaluated based on certain value factors and growth","page_number":47,"box":{"x":549,"y":708,"width":403,"height":11}},{"id":"0d8f473c-905f-4065-be4d-a76de71f6b62","block_type":"box","text":"factors, which are then used to calculate a value score and a","page_number":47,"box":{"x":549,"y":722,"width":387,"height":10}},{"id":"c74dc83c-4df1-4f7b-b2be-a4fd4254cf50","block_type":"box","text":"growth score. 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Neither the Fund nor BFA can offer","page_number":49,"box":{"x":83,"y":117,"width":406,"height":11}},{"id":"d0ad01c7-d199-443a-b7a9-f2b138757ab2","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":49,"box":{"x":83,"y":131,"width":408,"height":11}},{"id":"eec1dbc0-6af4-44d0-816b-83794d048b5d","block_type":"box","text":"information will provide an accurate assessment of included","page_number":49,"box":{"x":83,"y":146,"width":384,"height":10}},{"id":"d85ecb6d-cf1b-4e0d-8e88-4ff7a3e161a3","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":49,"box":{"x":83,"y":160,"width":387,"height":11}},{"id":"5b7233c9-9f29-4a6a-a173-fc89d6b73cb9","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":49,"box":{"x":83,"y":174,"width":366,"height":11}},{"id":"db1721d6-9e9d-4c58-b072-b2e8e507e276","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":49,"box":{"x":83,"y":188,"width":377,"height":11}},{"id":"5c05ff36-f0bc-423b-9218-97dadce99b0e","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":49,"box":{"x":83,"y":202,"width":413,"height":11}},{"id":"b200a71c-9be1-4875-af51-946eaa6dc5e2","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":49,"box":{"x":83,"y":217,"width":396,"height":10}},{"id":"f8253834-791c-4179-a8d8-585eb2f5a57c","block_type":"box","text":"impact on the Fund and its shareholders. 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Only an Authorized Participant","page_number":49,"box":{"x":83,"y":461,"width":407,"height":11}},{"id":"d9e11dfe-d0d0-46a7-b31f-2163a151271b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":49,"box":{"x":83,"y":476,"width":409,"height":10}},{"id":"5db35dd3-662f-4991-87bb-a8cc62711df6","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":49,"box":{"x":83,"y":490,"width":412,"height":11}},{"id":"3f815045-d76e-4913-bede-17133e4b7209","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":49,"box":{"x":83,"y":504,"width":403,"height":11}},{"id":"5a914e70-efb5-4acd-8f67-f016f8442214","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":49,"box":{"x":83,"y":518,"width":378,"height":11}},{"id":"c4177630-46e6-4cbc-9fb5-9dbde4b43e9a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":49,"box":{"x":84,"y":532,"width":379,"height":11}},{"id":"1c02500e-d1c3-4bb0-a0c1-5505ff805367","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":49,"box":{"x":83,"y":547,"width":404,"height":10}},{"id":"42ce17cc-aa2f-42ac-9242-9c7cf5c41e4a","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":49,"box":{"x":83,"y":561,"width":399,"height":10}},{"id":"ad550b16-32fa-4856-a1e4-911cdab4f6e1","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":49,"box":{"x":84,"y":575,"width":391,"height":11}},{"id":"b0190959-a8c9-4082-84a5-75885b6cd864","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":49,"box":{"x":83,"y":589,"width":408,"height":11}},{"id":"6b2f824c-12e3-4aea-ade3-dcbd6cb604b2","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":49,"box":{"x":83,"y":603,"width":273,"height":11}},{"id":"13226741-2bd0-4e12-abc1-782d2e2cf10f","block_type":"box","text":"Concentration 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or","page_number":49,"box":{"x":83,"y":683,"width":395,"height":10}},{"id":"8858256d-7d31-4b21-b6f5-3a87381d9137","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":49,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"8b96355e-28c4-415f-a321-6daa05c08a1f","block_type":"box","text":"asset classes.","page_number":49,"box":{"x":83,"y":712,"width":88,"height":8}},{"id":"ae0cd210-c4f3-4668-90d1-32925ea89ef3","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":49,"box":{"x":83,"y":735,"width":325,"height":10}},{"id":"496583bc-1f4f-4f97-9f65-2f5b12aa5937","block_type":"box","text":"Consumer","page_number":49,"box":{"x":414,"y":735,"width":65,"height":8}},{"id":"e167b682-d9a3-44f1-944f-55d592e8a181","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":49,"box":{"x":83,"y":749,"width":399,"height":11}},{"id":"db062ba7-ed43-4d72-9cab-3e3050e98ad7","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":49,"box":{"x":83,"y":763,"width":420,"height":11}},{"id":"ee93a3e6-b747-4b64-89ac-6c32c5798533","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":49,"box":{"x":83,"y":777,"width":423,"height":11}},{"id":"efc6b842-80c1-4033-aefd-496b2a99e5e9","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":49,"box":{"x":83,"y":791,"width":403,"height":11}},{"id":"235471f0-2cf0-4d68-86f5-f525c8441f12","block_type":"box","text":"other things.","page_number":49,"box":{"x":83,"y":806,"width":79,"height":10}},{"id":"a2af449b-6468-4e06-8099-080547519dbf","block_type":"box","text":"Currency Risk","page_number":49,"box":{"x":83,"y":829,"width":95,"height":11}},{"id":"4126afc8-3aef-49ec-aa53-ddf60e617fe2","block_type":"box","text":".","page_number":49,"box":{"x":179,"y":835,"width":2,"height":2}},{"id":"dadeda85-9ba4-43f8-a982-ebc50e8c8dfd","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":49,"box":{"x":187,"y":829,"width":292,"height":8}},{"id":"62243804-da26-4c86-aa12-1f2a1c874f19","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":49,"box":{"x":83,"y":843,"width":424,"height":11}},{"id":"98f3c193-2558-4cbe-b754-dac4d037dbd9","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":49,"box":{"x":83,"y":857,"width":415,"height":11}},{"id":"02fcdb0e-6901-4be4-a24a-bee2cf65831b","block_type":"box","text":"there are delays or limits on the repatriation of foreign 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Any reduction in this trading may have an","page_number":50,"box":{"x":82,"y":583,"width":383,"height":10}},{"id":"4eba9ef2-12d0-4a5c-b458-d37c1944f458","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":50,"box":{"x":83,"y":595,"width":424,"height":11}},{"id":"0df71d5b-23c2-4352-a5ed-06dbcaf22131","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":50,"box":{"x":83,"y":608,"width":403,"height":11}},{"id":"23fe0bc7-805c-4569-85fb-b339ff465628","block_type":"box","text":"Asian Economic Risk","page_number":50,"box":{"x":82,"y":621,"width":145,"height":9}},{"id":"da91e757-ef54-4708-b25e-49d3e4980c5b","block_type":"box","text":",","page_number":50,"box":{"x":227,"y":628,"width":3,"height":3}},{"id":"3ee5f395-db69-4bbf-989e-8b342a30b482","block_type":"box","text":"European Economic Risk","page_number":50,"box":{"x":236,"y":621,"width":171,"height":11}},{"id":"7bcafdbd-ffbc-4df8-be70-59072cb98d5c","block_type":"box","text":"and","page_number":50,"box":{"x":412,"y":621,"width":22,"height":9}},{"id":"6e8880c9-3fc9-402f-91ed-4c4dd9e7f6c6","block_type":"box","text":"U.S.","page_number":50,"box":{"x":441,"y":621,"width":26,"height":9}},{"id":"c7c352b0-005b-42c3-baa6-43a0403fc520","block_type":"box","text":"Economic Risk","page_number":50,"box":{"x":83,"y":634,"width":101,"height":9}},{"id":"3253a703-cb64-4122-9e9d-520330c18656","block_type":"box","text":".","page_number":50,"box":{"x":186,"y":641,"width":1,"height":2}},{"id":"2f1ce4f4-ecdf-4821-9dd9-7e445f10bb09","block_type":"box","text":"Risk of Investing in Japan","page_number":50,"box":{"x":83,"y":656,"width":170,"height":11}},{"id":"5038f2e2-2c70-4ba8-b10e-a2a922f66c84","block_type":"box","text":".","page_number":50,"box":{"x":255,"y":663,"width":2,"height":2}},{"id":"6057c780-4087-41f3-8063-3a8567bc2f44","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":50,"box":{"x":263,"y":656,"width":242,"height":11}},{"id":"fe41ac8f-522b-4f1f-a4ad-3d67495a92ab","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":50,"box":{"x":83,"y":669,"width":375,"height":11}},{"id":"e61564a7-c383-4436-bc2d-1620913623c9","block_type":"box","text":"geographic and security risks that are specific to Japan. 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Japan’s","page_number":50,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"30926779-a577-418f-9eb3-0fc97aa52dc3","block_type":"box","text":"relations with its neighbors have been strained at times, which","page_number":50,"box":{"x":549,"y":36,"width":399,"height":11}},{"id":"f9f36e5c-45fa-4d6e-9382-6ca264939b43","block_type":"box","text":"could adversely affect its markets and economy. 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Securities lending involves the risk that the Fund may","page_number":50,"box":{"x":549,"y":97,"width":397,"height":10}},{"id":"6c81eaf1-df58-4a98-8e7d-888733e4d86f","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":50,"box":{"x":549,"y":109,"width":418,"height":11}},{"id":"854027db-3f39-46ce-8690-6fad4006c869","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":50,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"424e8ab7-cadd-4e74-8635-629d6d77fce8","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":50,"box":{"x":549,"y":135,"width":416,"height":11}},{"id":"6e9b2ad0-0b95-4d52-ab6f-4bd8ef2df4fc","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":50,"box":{"x":549,"y":148,"width":389,"height":11}},{"id":"0409a207-0cb9-4551-bfd5-6deb188910c3","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":50,"box":{"x":549,"y":222,"width":425,"height":10}},{"id":"f7e5beed-602b-455d-8fea-f65a24935b8d","block_type":"box","text":"factors, including differences between the securities and other","page_number":50,"box":{"x":549,"y":235,"width":401,"height":10}},{"id":"278e3187-8cba-439f-a976-50c000ca2fa4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":50,"box":{"x":549,"y":247,"width":381,"height":11}},{"id":"e15f3198-ac72-477a-aeb3-a7d7bfae2f3f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":50,"box":{"x":550,"y":260,"width":396,"height":11}},{"id":"c0b43734-170b-49f1-a905-78618174b311","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":50,"box":{"x":549,"y":273,"width":407,"height":10}},{"id":"b8e10f24-f5f6-4cfe-8288-3024ec335b60","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":50,"box":{"x":549,"y":286,"width":400,"height":11}},{"id":"fb6d7a9f-9266-4eac-afd5-b1b556c0a923","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":50,"box":{"x":549,"y":299,"width":421,"height":11}},{"id":"4398dfee-b2d9-4a65-b06d-a1f52d30d622","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":50,"box":{"x":549,"y":312,"width":374,"height":11}},{"id":"3d642e02-0b6e-48fa-9e00-322e5b16dba4","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":50,"box":{"x":549,"y":325,"width":370,"height":11}},{"id":"3e45987f-c3d6-4894-8a9a-214e99767d55","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":50,"box":{"x":549,"y":338,"width":372,"height":11}},{"id":"05c7d4a0-d01b-47ab-9240-9fa34818239f","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":50,"box":{"x":549,"y":351,"width":420,"height":10}},{"id":"24b270c9-9b71-4ca9-a7e2-14512c733099","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":50,"box":{"x":549,"y":363,"width":387,"height":11}},{"id":"e30ab49f-6b62-40e7-aea0-9ff8d54b913b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":50,"box":{"x":549,"y":376,"width":377,"height":11}},{"id":"9f86e6be-85d9-41fb-b158-0d0a47b1b126","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":50,"box":{"x":549,"y":389,"width":380,"height":11}},{"id":"d24f4730-5536-46cf-9eed-d57525b4c193","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":50,"box":{"x":549,"y":402,"width":366,"height":11}},{"id":"9745be1a-0373-4ff6-8798-f2ae3d6e9f7c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":50,"box":{"x":549,"y":415,"width":414,"height":11}},{"id":"e166e8ee-8c6f-48e6-8ad5-c3360a369746","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":50,"box":{"x":550,"y":428,"width":386,"height":11}},{"id":"d9e746ab-57a6-469b-8ed8-4e793acfa4a1","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":50,"box":{"x":549,"y":441,"width":414,"height":11}},{"id":"20d6bee1-1461-4f3b-b5c7-48ab7ad69f52","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":50,"box":{"x":549,"y":454,"width":420,"height":11}},{"id":"9d06af2d-2d27-4f7d-80f4-f03405a315f5","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":50,"box":{"x":549,"y":467,"width":383,"height":8}},{"id":"6face93e-58a8-42ac-ad16-afe05ae6f13e","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":50,"box":{"x":549,"y":479,"width":390,"height":11}},{"id":"00d91a40-2f46-4d9e-b07a-4b8d3d344893","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":50,"box":{"x":549,"y":492,"width":299,"height":9}},{"id":"5c385357-08f1-4630-8e8f-f25d4a5f346d","block_type":"box","text":"Valuation Risk","page_number":50,"box":{"x":550,"y":514,"width":96,"height":9}},{"id":"78f55773-b6e0-4bf1-b924-bbf1bf291f85","block_type":"box","text":".","page_number":50,"box":{"x":646,"y":521,"width":2,"height":2}},{"id":"153903c9-be74-404e-a8e3-79827d10098e","block_type":"box","text":"The price that the Fund could receive upon the","page_number":50,"box":{"x":653,"y":514,"width":298,"height":11}},{"id":"f1791f99-577c-4fc1-8b10-662c1118de00","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":50,"box":{"x":549,"y":527,"width":408,"height":11}},{"id":"1d22d3ce-6445-4714-9a92-8e6f345ad502","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":50,"box":{"x":549,"y":540,"width":355,"height":11}},{"id":"738089d1-c1da-42bb-957a-44b8912c891f","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":50,"box":{"x":549,"y":553,"width":418,"height":11}},{"id":"19793707-8d75-4d5d-912c-c9d74f0ab835","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":50,"box":{"x":549,"y":566,"width":347,"height":11}},{"id":"fa197de1-2de7-4073-9571-83784ddda838","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":50,"box":{"x":549,"y":579,"width":418,"height":11}},{"id":"b0ded65c-1774-40ba-9e91-28e4e87285cc","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":50,"box":{"x":549,"y":592,"width":406,"height":10}},{"id":"aad5dbb6-df4a-4f23-a284-293cae85b534","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":50,"box":{"x":549,"y":605,"width":411,"height":10}},{"id":"6977600c-0add-411e-9c8b-9f286a4efa3f","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":50,"box":{"x":549,"y":617,"width":392,"height":11}},{"id":"514aa8f9-cb77-40ad-8e08-5153064d80d7","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":50,"box":{"x":549,"y":630,"width":414,"height":11}},{"id":"8f070e22-14d2-4c12-bc23-786cef02742f","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":50,"box":{"x":549,"y":643,"width":394,"height":11}},{"id":"c4a4123b-5957-430f-82ef-abf2a6cb43fc","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":50,"box":{"x":548,"y":656,"width":383,"height":11}},{"id":"4161bea0-7f69-4dce-aa0b-ccf50f6143e2","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":50,"box":{"x":549,"y":669,"width":414,"height":11}},{"id":"48f34db8-ee85-4012-ad9f-b83707e49615","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":50,"box":{"x":549,"y":682,"width":392,"height":8}},{"id":"e095719f-1e3d-4ce0-96cf-30adf65f1a9e","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":50,"box":{"x":548,"y":695,"width":425,"height":11}},{"id":"2d91c4d5-757a-482c-96f3-dfc8cb8a7a32","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":50,"box":{"x":548,"y":708,"width":400,"height":10}},{"id":"c689582a-3f09-4d8d-b771-cee0d69b3dbb","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":50,"box":{"x":549,"y":721,"width":405,"height":10}},{"id":"7adcd769-e115-4665-9264-da9f78f36909","block_type":"box","text":"S-35","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"74f5aaba-1784-49db-a2be-e1f98548eadb","block_type":"box","text":"Performance Information","page_number":51,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f6890319-3fc1-4754-8a90-18ea0fbaf9f6","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":51,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"0ae28060-bb72-421c-9077-c612d3358126","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":51,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"434ceb81-9ffe-4ef4-ac93-642610f84666","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":51,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"ac2ff6aa-c74f-4eb3-a9cc-5d3c5e0ff77a","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":51,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"a6cc60b6-2807-4c02-bab8-c5edddaccec9","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":51,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"ea4d7322-48e7-46dd-91a6-a25b7d1dcc10","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":51,"box":{"x":83,"y":663,"width":860,"height":10}},{"id":"3a2db781-cb5e-4886-9ae6-f3c8e42545d2","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":51,"box":{"x":82,"y":701,"width":861,"height":11}},{"id":"c96761b4-12bc-4a44-b596-5b3239cdc6d4","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":51,"box":{"x":83,"y":714,"width":359,"height":10}},{"id":"df504fc7-3222-449b-b4b4-3a6060846263","block_type":"box","text":"S-36","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"42c7f107-7a12-435c-8fb3-a0e52d81c599","block_type":"box","text":"Management","page_number":52,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"7fa3c8e2-dfd7-48d4-9661-874d3f0cb4b5","block_type":"box","text":"Investment Adviser.","page_number":52,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"e6c2e3d9-7104-4aaf-89cd-9d0481d50ec7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":52,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"fb486209-d284-4a4d-b874-43abd75b06f7","block_type":"box","text":"Portfolio Managers.","page_number":52,"box":{"x":83,"y":69,"width":135,"height":11}},{"id":"99f10f6d-f52b-4677-91dc-fc64fe63cf23","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":52,"box":{"x":223,"y":70,"width":281,"height":10}},{"id":"eb5e4c34-55b1-4c2f-8a75-a8130fefa103","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":52,"box":{"x":83,"y":82,"width":367,"height":11}},{"id":"15842921-869b-4e01-a449-d2673ed02e70","block_type":"box","text":"responsible for the day-to-day management of the Fund. 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Individual shares of the Fund may only be","page_number":52,"box":{"x":82,"y":200,"width":391,"height":11}},{"id":"4809d87f-be7a-4273-bfae-0cb830c856d8","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":52,"box":{"x":83,"y":213,"width":420,"height":10}},{"id":"eba574ba-31f3-4b33-bf93-df25baf755bf","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":52,"box":{"x":84,"y":226,"width":399,"height":10}},{"id":"725ce809-3c9c-484d-b4d9-b4ca49a42993","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":52,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"27464423-0c4e-4e60-9a66-b5e4b86a85e8","block_type":"box","text":"than NAV (a discount). 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These","page_number":52,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"e72e671d-7710-4e3b-bd48-b0baf80c30f0","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":52,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"8989120f-8114-4151-8087-9bba3d751314","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":52,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"bcfe22c4-3519-476c-9b46-6ebed57522de","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":52,"box":{"x":549,"y":272,"width":361,"height":11}},{"id":"4ed990e2-5613-4011-8aeb-22eb58a89bf7","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":52,"box":{"x":549,"y":285,"width":421,"height":11}},{"id":"6bfda73f-dafd-466a-8c84-5cc14f58ca7c","block_type":"box","text":"information.","page_number":52,"box":{"x":549,"y":298,"width":76,"height":8}},{"id":"e1f9d7c9-2128-46fe-a8e1-986e9cf70836","block_type":"box","text":"S-37","page_number":52,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2f647289-fdeb-4859-9fc4-8d2651688782","block_type":"box","text":"iSHARES","page_number":53,"box":{"x":349,"y":24,"width":119,"height":15}},{"id":"60dc9364-0a32-4ea2-9b93-d9304a1a01ac","block_type":"box","text":"®","page_number":53,"box":{"x":471,"y":17,"width":10,"height":8}},{"id":"5e0fdaa3-e000-489a-997c-1d64600631f6","block_type":"box","text":"MSCI EAFE MIN","page_number":53,"box":{"x":493,"y":24,"width":213,"height":15}},{"id":"1c3c01d6-ee7e-4f16-b393-b6b76ffb80a9","block_type":"box","text":"VOL FACTOR ETF","page_number":53,"box":{"x":410,"y":46,"width":236,"height":15}},{"id":"35e26c11-d6f3-45f7-9f2d-29e93a83cb72","block_type":"box","text":"Ticker: EFAV Stock Exchange: Cboe BZX","page_number":53,"box":{"x":285,"y":75,"width":482,"height":12}},{"id":"72d47fc5-3764-4677-bcf3-938f0e3a9599","block_type":"box","text":"Investment Objective","page_number":53,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"f2db43c9-a1af-403d-831f-8183d354888f","block_type":"box","text":"The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market","page_number":53,"box":{"x":82,"y":138,"width":879,"height":11}},{"id":"d6225ecd-6155-4b09-b75a-bb0dcc79b62c","block_type":"box","text":"equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S.","page_number":53,"box":{"x":83,"y":151,"width":865,"height":11}},{"id":"474a473f-59fb-4b98-a228-dc3ff9b7fdea","block_type":"box","text":"and Canada.","page_number":53,"box":{"x":83,"y":164,"width":78,"height":8}},{"id":"ba8188a7-1eb6-4e18-913a-4ebbb72bd015","block_type":"box","text":"Fees and Expenses","page_number":53,"box":{"x":84,"y":192,"width":160,"height":13}},{"id":"42273075-94e5-4d77-97c7-7702ceda29c0","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":53,"box":{"x":83,"y":268,"width":814,"height":11}},{"id":"3d6bf5b9-4c42-49d9-8939-481eaa937252","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":53,"box":{"x":83,"y":281,"width":595,"height":11}},{"id":"acefdcba-51ca-4937-9273-7e7f75330002","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":53,"box":{"x":82,"y":303,"width":883,"height":11}},{"id":"fdc0a240-fa92-4ba5-963c-c8a99fd37758","block_type":"box","text":"the tables and examples below.","page_number":53,"box":{"x":83,"y":316,"width":220,"height":11}},{"id":"b3345419-b66a-4d95-8ada-a0d3701b5ce2","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":53,"box":{"x":83,"y":516,"width":694,"height":10}},{"id":"da359c29-fd1a-442b-afc1-d95c5adfe0a0","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":53,"box":{"x":195,"y":545,"width":668,"height":7}},{"id":"9bc149fa-f8cc-41b8-a604-e38ec43c3d10","block_type":"box","text":"$20 $64 $113 $255","page_number":53,"box":{"x":202,"y":565,"width":649,"height":9}},{"id":"03adf517-b661-4b11-81f5-1b8ec2f633e4","block_type":"box","text":"Portfolio Turnover.","page_number":53,"box":{"x":83,"y":604,"width":129,"height":9}},{"id":"988a16be-9a48-49f8-983d-b4c47c2385ab","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":53,"box":{"x":216,"y":605,"width":287,"height":10}},{"id":"bb597755-67af-47bd-8b10-57bd819f5028","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":53,"box":{"x":83,"y":619,"width":420,"height":11}},{"id":"0dd46d30-b740-462a-995d-2ad5b9382600","block_type":"box","text":"portfolio). 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During the most recent","page_number":53,"box":{"x":84,"y":690,"width":411,"height":10}},{"id":"0f16810a-c167-4391-b1da-6e6d22d39da2","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 24% of the","page_number":53,"box":{"x":82,"y":704,"width":385,"height":11}},{"id":"9eb4792a-f01a-4d7e-b7e9-a8cee6a1a5f4","block_type":"box","text":"average value of its portfolio.","page_number":53,"box":{"x":83,"y":718,"width":184,"height":11}},{"id":"c4526e60-5e08-46e3-a976-d891625e1943","block_type":"box","text":"Principal Investment Strategies","page_number":53,"box":{"x":84,"y":747,"width":268,"height":13}},{"id":"0d174465-a35f-4745-8a76-f5dc1f2c609a","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":53,"box":{"x":82,"y":772,"width":417,"height":9}},{"id":"eaf93c9d-8e4a-4f0f-9782-7ab27cbd9415","block_type":"box","text":"Minimum Volatility (USD) Index (the “Underlying Index”), which","page_number":53,"box":{"x":83,"y":786,"width":401,"height":11}},{"id":"14aec8cd-dd55-49f2-9b8b-7daa26b14af9","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":53,"box":{"x":83,"y":801,"width":422,"height":10}},{"id":"5d29c45d-94c3-42b0-a0a6-a22473875c65","block_type":"box","text":"to measure the performance of international equity securities","page_number":53,"box":{"x":83,"y":815,"width":393,"height":10}},{"id":"37a06590-dc52-4251-8a08-1ed822c17de5","block_type":"box","text":"(excluding the U.S. and Canada) that in the aggregate have lower","page_number":53,"box":{"x":83,"y":829,"width":416,"height":11}},{"id":"d4475771-1211-4353-9d3f-15ec01d510bc","block_type":"box","text":"volatility relative to the MSCI EAFE Index (the “Parent Index”),","page_number":53,"box":{"x":82,"y":843,"width":395,"height":11}},{"id":"cdbd447c-298b-4779-af83-4fb053916d64","block_type":"box","text":"which is a capitalization-weighted index. 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For","page_number":54,"box":{"x":83,"y":824,"width":377,"height":11}},{"id":"fb862a36-dc33-4c54-bdc3-a0894860534b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":54,"box":{"x":83,"y":838,"width":389,"height":11}},{"id":"0018a3b7-7449-4099-87b6-9fa2bff7c423","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":54,"box":{"x":83,"y":852,"width":389,"height":11}},{"id":"c410db50-c4e7-4314-adac-2b872c41b530","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":54,"box":{"x":83,"y":866,"width":410,"height":11}},{"id":"caae4e36-ecc4-4e8a-9e96-56684303d659","block_type":"box","text":"considered to be issued by members of any industry.","page_number":54,"box":{"x":83,"y":880,"width":337,"height":11}},{"id":"7325bd50-e78d-4114-aac9-0e426635a07d","block_type":"box","text":"Summary of Principal Risks","page_number":54,"box":{"x":549,"y":22,"width":235,"height":14}},{"id":"f2916135-4762-4246-92c0-cd9145f9db10","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":54,"box":{"x":549,"y":48,"width":362,"height":10}},{"id":"7e804ef2-647a-4c17-ad38-30e4fbb6ba64","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":54,"box":{"x":549,"y":62,"width":402,"height":11}},{"id":"97d80872-6413-48f8-8b42-94c8a8fe9e06","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":54,"box":{"x":549,"y":76,"width":396,"height":11}},{"id":"4a63b092-1a00-4590-8e24-ee03ef4c5947","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":54,"box":{"x":549,"y":90,"width":376,"height":11}},{"id":"656f6812-ad1d-42f9-ae48-34892bccd62c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":54,"box":{"x":549,"y":104,"width":392,"height":11}},{"id":"17df7f9a-da92-4d85-9b70-aa77df391ed4","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":54,"box":{"x":549,"y":119,"width":416,"height":10}},{"id":"c7880500-8f65-429e-a8ed-aab4c0320ecc","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":54,"box":{"x":549,"y":133,"width":388,"height":11}},{"id":"bf9c2d2f-3619-40e3-9385-1101e258cfe5","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":54,"box":{"x":549,"y":147,"width":425,"height":11}},{"id":"346c3838-970d-470f-8e83-36cb2990103b","block_type":"box","text":"risk is difficult to predict and may change over time. 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In","page_number":54,"box":{"x":549,"y":340,"width":383,"height":11}},{"id":"2e810188-12f2-494c-aeb6-57a8646e5ebd","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":54,"box":{"x":549,"y":354,"width":387,"height":11}},{"id":"d7c108f9-6ed4-4683-a9bf-5d173429499c","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":54,"box":{"x":549,"y":369,"width":372,"height":10}},{"id":"69504189-5047-4962-9005-6023b759cef1","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":54,"box":{"x":549,"y":383,"width":381,"height":11}},{"id":"da0c6083-61b9-4dde-899d-cba7f15e144a","block_type":"box","text":"availability of certain commodities.","page_number":54,"box":{"x":549,"y":397,"width":222,"height":11}},{"id":"d66a5d49-4b9b-4d5e-a56c-4d5582e4ff78","block_type":"box","text":"Low Volatility Risk","page_number":54,"box":{"x":549,"y":420,"width":124,"height":11}},{"id":"3f4e65c2-8d7c-4d15-9daa-d608576c1c56","block_type":"box","text":".","page_number":54,"box":{"x":673,"y":427,"width":2,"height":2}},{"id":"68a2d7f8-6f03-404f-bc90-71a2bfa210a7","block_type":"box","text":"A low volatility strategy may underperform","page_number":54,"box":{"x":680,"y":420,"width":272,"height":11}},{"id":"8fe78d6a-d0f4-40c3-99e9-c1adea29003a","block_type":"box","text":"the broader market during periods of strong, rising or speculative","page_number":54,"box":{"x":549,"y":434,"width":417,"height":11}},{"id":"88ce713f-17ae-4ba1-81d5-faa6287c860e","block_type":"box","text":"stock prices. 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Neither the Fund nor BFA can offer","page_number":54,"box":{"x":549,"y":844,"width":406,"height":11}},{"id":"d8d3d271-ed38-4c95-a234-a9b784eca116","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":54,"box":{"x":549,"y":858,"width":408,"height":11}},{"id":"597e0b20-fe26-4281-a030-9a34ddc2c811","block_type":"box","text":"information will provide an accurate assessment of included","page_number":54,"box":{"x":549,"y":873,"width":384,"height":10}},{"id":"eb0d0cfc-7b66-4cf4-9984-944e42d04138","block_type":"box","text":"S-39","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7267e9f6-4e08-4718-9326-d56d7477b6d0","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":55,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"d84f528d-eb15-443e-a08f-2b5996efeb47","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":55,"box":{"x":83,"y":37,"width":366,"height":11}},{"id":"41c63e43-bd77-4f2a-94fd-72d7f306ef41","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":55,"box":{"x":83,"y":51,"width":377,"height":11}},{"id":"089791ff-9a81-4a51-95bb-05a78af6ff39","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":55,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"a1d6b53d-2ffd-4129-a9bc-e0cb2cff9120","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":55,"box":{"x":83,"y":80,"width":396,"height":11}},{"id":"b86ff60c-5db7-4358-ab53-7543a7c79108","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":55,"box":{"x":83,"y":94,"width":367,"height":11}},{"id":"f7b40305-fd47-4f67-9d1d-3499b821c33c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":55,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"93fd2151-8ed2-4981-9a9a-1395444005a9","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":55,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"025a75d9-af21-4fca-ac53-033c06b3a12c","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":55,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"dd685d1c-8909-4ed6-b727-8ea7c63d6e7c","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":55,"box":{"x":83,"y":151,"width":362,"height":11}},{"id":"8d73485f-e60f-410c-ba0d-1edcbec27eb3","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":55,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"29f7f860-89fe-4cee-a820-f25992ae489d","block_type":"box","text":"Asset Class Risk.","page_number":55,"box":{"x":81,"y":188,"width":115,"height":9}},{"id":"41aa0bd9-4a93-4d5e-9b08-ab0d881a1fed","block_type":"box","text":"The securities and other assets in the","page_number":55,"box":{"x":202,"y":188,"width":239,"height":9}},{"id":"1126930a-99f3-4c4a-8bd3-dfdc2fa7e75c","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":55,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"ed5a2e23-cfa3-4824-befe-2922a1c82cdf","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":55,"box":{"x":83,"y":216,"width":405,"height":11}},{"id":"3c896822-8a60-4cf8-ab61-8117791e22c8","block_type":"box","text":"market, another index, or other asset classes.","page_number":55,"box":{"x":83,"y":231,"width":292,"height":10}},{"id":"db443904-a124-47eb-89f1-842e5fc5c90c","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":55,"box":{"x":81,"y":254,"width":290,"height":11}},{"id":"088444a5-59f9-428a-bdeb-ad68b30448e0","block_type":"box","text":"An “Authorized","page_number":55,"box":{"x":381,"y":254,"width":93,"height":8}},{"id":"388b0aff-72c5-4ae6-9c94-223ae6b96716","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":55,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"676d1449-b76a-4de2-ad75-85121b5fd20c","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":55,"box":{"x":83,"y":282,"width":411,"height":11}},{"id":"7cc2f66e-5355-4f3f-9da8-44513df2d3b6","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":55,"box":{"x":84,"y":296,"width":395,"height":11}},{"id":"63384082-2ef5-4a14-ad62-6f32891402ab","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":55,"box":{"x":84,"y":311,"width":399,"height":10}},{"id":"5db1f941-b958-4336-85d3-7f85638d3c96","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":55,"box":{"x":83,"y":325,"width":407,"height":11}},{"id":"3fd44170-9657-4482-9445-036e50aa6a9f","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":55,"box":{"x":83,"y":339,"width":409,"height":11}},{"id":"342adad8-94ee-4468-8efa-1572e5f5f5b9","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":55,"box":{"x":83,"y":353,"width":412,"height":11}},{"id":"c6d4684c-e52d-4277-8c76-f39a7353bee6","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":55,"box":{"x":83,"y":367,"width":403,"height":11}},{"id":"55837da9-4ead-4b38-9287-00a79befb4fa","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":55,"box":{"x":83,"y":382,"width":378,"height":10}},{"id":"56c53557-2797-4ebd-a051-711c95144fd4","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":55,"box":{"x":84,"y":396,"width":379,"height":11}},{"id":"0cb32393-db64-4ea3-833d-88d99b2ca15c","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":55,"box":{"x":83,"y":410,"width":404,"height":11}},{"id":"1c4ed413-fc5a-4199-a7c2-748a0744ea0e","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":55,"box":{"x":83,"y":424,"width":399,"height":11}},{"id":"0f90fa81-0269-401d-b260-655197683fe7","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":55,"box":{"x":84,"y":438,"width":391,"height":11}},{"id":"21cd418f-6bb2-448b-ba74-7a456f594be1","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":55,"box":{"x":83,"y":452,"width":408,"height":11}},{"id":"6f247961-151c-4cf9-9504-42c9e0d0c299","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":55,"box":{"x":83,"y":467,"width":273,"height":10}},{"id":"db5d3bc8-2fd1-4321-8811-68377eb1c1bb","block_type":"box","text":"Concentration 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or","page_number":55,"box":{"x":83,"y":547,"width":395,"height":10}},{"id":"7325633a-c92e-4801-8b49-34011cd60ea1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":55,"box":{"x":83,"y":561,"width":388,"height":11}},{"id":"5fdc8511-3da2-4fec-a431-f3e5c8815851","block_type":"box","text":"asset classes.","page_number":55,"box":{"x":83,"y":575,"width":88,"height":8}},{"id":"e8d3769e-4ce3-481e-992c-04d3de3c2037","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":55,"box":{"x":83,"y":598,"width":325,"height":11}},{"id":"269d479d-838d-435c-b023-a10c56b41cdf","block_type":"box","text":"Consumer","page_number":55,"box":{"x":414,"y":598,"width":65,"height":9}},{"id":"74032d0e-6449-4b90-9ed9-83dc51887fb4","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":55,"box":{"x":83,"y":612,"width":399,"height":11}},{"id":"218260f6-88e5-4576-bb45-cf5e0473faae","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":55,"box":{"x":83,"y":626,"width":420,"height":11}},{"id":"7e91c4c5-aa6c-40b9-997a-953a9d836ce7","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":55,"box":{"x":83,"y":641,"width":423,"height":10}},{"id":"2df9fa12-f878-4447-a877-85b8a8cf60cc","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":55,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"60435e32-995a-47db-aab0-62fde44b0284","block_type":"box","text":"other things.","page_number":55,"box":{"x":83,"y":669,"width":79,"height":11}},{"id":"086215d7-7aa6-4e60-a58c-526715469e75","block_type":"box","text":"Currency Risk","page_number":55,"box":{"x":83,"y":692,"width":95,"height":11}},{"id":"f7a7f7da-bba9-43e3-9abf-9f0b31d2d241","block_type":"box","text":".","page_number":55,"box":{"x":179,"y":699,"width":2,"height":2}},{"id":"b1ee17a7-6576-4584-879e-82919e1ee569","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":55,"box":{"x":187,"y":692,"width":292,"height":9}},{"id":"38fc9bf8-13a4-429c-beba-e12924716fea","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":55,"box":{"x":83,"y":706,"width":424,"height":11}},{"id":"3e311aa0-215f-4b8a-a473-f983c27716a1","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":55,"box":{"x":83,"y":721,"width":415,"height":10}},{"id":"ba8a14ea-cfb0-4b7f-bb4a-d43f15cd4215","block_type":"box","text":"there are delays or limits on the repatriation of foreign 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As a result, the Fund’s NAV may","page_number":55,"box":{"x":83,"y":763,"width":375,"height":11}},{"id":"6aa21939-cdd6-4565-9890-963e2deda1cc","block_type":"box","text":"change quickly and without warning. 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The","page_number":55,"box":{"x":549,"y":282,"width":340,"height":11}},{"id":"d5b11e64-13c2-4829-8774-9e2937788599","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":55,"box":{"x":549,"y":296,"width":390,"height":11}},{"id":"8eb0d95b-5322-49cf-8db1-078d1bcf99e1","block_type":"box","text":"overall performance of the broader securities markets.","page_number":55,"box":{"x":549,"y":311,"width":349,"height":10}},{"id":"12b868d2-8093-4aa4-9ae6-b0901a9bf320","block_type":"box","text":"Management Risk","page_number":55,"box":{"x":549,"y":334,"width":123,"height":11}},{"id":"830f7e34-260b-40fd-ade9-cea8e9cd261b","block_type":"box","text":".","page_number":55,"box":{"x":672,"y":340,"width":2,"height":2}},{"id":"f8ba6c60-a14e-4077-8e9a-f6f658e7d387","block_type":"box","text":"The Fund generally does not attempt to take","page_number":55,"box":{"x":679,"y":334,"width":283,"height":11}},{"id":"9ed8b658-9562-4c13-9c5a-a02535645bc8","block_type":"box","text":"defensive positions under any market conditions, including","page_number":55,"box":{"x":549,"y":348,"width":376,"height":11}},{"id":"4a3e6503-9419-45b7-88a5-2df67fbcb036","block_type":"box","text":"declining markets. 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If you buy Fund","page_number":55,"box":{"x":549,"y":570,"width":397,"height":11}},{"id":"4567d9c9-0215-489f-a9a1-e536e72cc99e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":55,"box":{"x":549,"y":584,"width":419,"height":11}},{"id":"ef25578d-1345-40f0-bec6-0c9876486e01","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":55,"box":{"x":549,"y":598,"width":413,"height":11}},{"id":"bb804e7d-7b31-4113-8776-80cb3f4fbad3","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":55,"box":{"x":549,"y":612,"width":397,"height":11}},{"id":"56d940af-55c0-47fc-9d0b-0d49db2b6dad","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":55,"box":{"x":549,"y":626,"width":316,"height":11}},{"id":"832b8f04-1edd-48f8-a8fe-e81bcc8000b5","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":55,"box":{"x":549,"y":650,"width":238,"height":10}},{"id":"fe45b2e7-f724-4567-9595-f4e65bac3e2a","block_type":"box","text":".","page_number":55,"box":{"x":787,"y":656,"width":3,"height":2}},{"id":"6236548e-80fe-4bc4-8d1e-bffd766a1695","block_type":"box","text":"Compared to large","page_number":55,"box":{"x":795,"y":650,"width":124,"height":10}},{"id":"14fc3631-d26f-4298-b48c-75b40c7798ef","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":55,"box":{"x":549,"y":664,"width":403,"height":11}},{"id":"31d97d32-b46d-41e9-8950-a759cc648898","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":55,"box":{"x":549,"y":678,"width":405,"height":11}},{"id":"70027a5d-67a4-4c4a-92b1-0bc835200db5","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":55,"box":{"x":549,"y":692,"width":407,"height":11}},{"id":"bc6a99a3-9820-41ca-ab7f-0f08ce495304","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":56,"box":{"x":82,"y":23,"width":361,"height":11}},{"id":"8059ee4a-48b5-46b7-848c-925985bb4b0d","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":56,"box":{"x":83,"y":37,"width":398,"height":11}},{"id":"fe89f152-9a99-438e-afcd-f4cca66befec","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":56,"box":{"x":84,"y":51,"width":410,"height":11}},{"id":"b7f8f1b6-3910-4696-a62d-3c41cc5e88f8","block_type":"box","text":"Non-U.S. Securities Risk","page_number":56,"box":{"x":83,"y":75,"width":165,"height":8}},{"id":"92ad5bd9-8a0b-4cd9-882a-724494174066","block_type":"box","text":".","page_number":56,"box":{"x":248,"y":81,"width":2,"height":2}},{"id":"f0c8a043-ef9e-4451-87a4-f3ff3944b640","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":56,"box":{"x":256,"y":75,"width":236,"height":11}},{"id":"e6f11f6c-ecf8-41c2-aad5-12edfb28f6e0","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":56,"box":{"x":83,"y":89,"width":382,"height":11}},{"id":"630298d3-35c1-4207-b73f-fee30f9cf293","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":56,"box":{"x":83,"y":103,"width":406,"height":11}},{"id":"75b855f4-8036-49b8-893b-831f878b3a46","block_type":"box","text":"issued by U.S. issuers. 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Japan’s","page_number":56,"box":{"x":83,"y":754,"width":416,"height":11}},{"id":"d19fcf4e-1466-4d36-8572-d04b49395fea","block_type":"box","text":"relations with its neighbors have been strained at times, which","page_number":56,"box":{"x":83,"y":768,"width":399,"height":11}},{"id":"ee5d2ebc-867a-4ca2-9c74-6e350d7a2c63","block_type":"box","text":"could adversely affect its markets and economy. 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The Fund could","page_number":56,"box":{"x":549,"y":103,"width":409,"height":11}},{"id":"39b142f4-7bfc-46a7-ae4d-51f76ee65c9d","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":56,"box":{"x":549,"y":117,"width":416,"height":11}},{"id":"3f08996b-a347-42c9-9258-7bd30c57e9bb","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":56,"box":{"x":549,"y":131,"width":389,"height":11}},{"id":"7ed2c2c4-a9e3-4184-a991-81fbcc7f6840","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":56,"box":{"x":549,"y":211,"width":425,"height":11}},{"id":"d34fc38b-7a8e-48d3-949d-886009c76f89","block_type":"box","text":"factors, including differences between the securities and other","page_number":56,"box":{"x":549,"y":226,"width":401,"height":10}},{"id":"83657b0e-efec-4e14-a860-b2996ae3aeae","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":56,"box":{"x":549,"y":240,"width":381,"height":10}},{"id":"3d8e4825-68f7-4dc5-8ecd-b46ba2395a30","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":56,"box":{"x":550,"y":254,"width":396,"height":11}},{"id":"612d4d1c-9f40-4f18-a60d-7f102d83728b","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":56,"box":{"x":549,"y":268,"width":407,"height":10}},{"id":"3d9aff3e-2ac2-4344-a096-61cfbc3f0ff1","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":56,"box":{"x":549,"y":282,"width":400,"height":11}},{"id":"4f634481-a423-4204-9f37-479b6308c7c5","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":56,"box":{"x":549,"y":296,"width":421,"height":11}},{"id":"c8ef58e6-7cff-4919-93e4-63db819572ff","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":56,"box":{"x":549,"y":311,"width":374,"height":10}},{"id":"d70cafac-dbbe-490b-b64a-cfaefeb0bdaa","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":56,"box":{"x":549,"y":325,"width":370,"height":11}},{"id":"7a07b03b-f549-46de-a807-5225aa2f7da1","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":56,"box":{"x":549,"y":339,"width":372,"height":11}},{"id":"f1967824-56b8-4e2d-8fe7-d57043056263","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":56,"box":{"x":549,"y":353,"width":420,"height":11}},{"id":"912632e7-2211-44f0-bd5d-2945957d1e60","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":56,"box":{"x":549,"y":367,"width":387,"height":11}},{"id":"ab6b12e5-a3ce-45c2-a65e-dea03df4d762","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":56,"box":{"x":549,"y":381,"width":377,"height":11}},{"id":"5e57dec5-0b98-4af9-97e6-9b4d6ffa1bce","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":56,"box":{"x":549,"y":396,"width":380,"height":11}},{"id":"fbe84ee8-b0b6-465e-b95e-aafe06612a39","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":56,"box":{"x":549,"y":410,"width":366,"height":11}},{"id":"f57efea0-1c86-4de4-b82f-52791b198639","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":56,"box":{"x":549,"y":424,"width":414,"height":11}},{"id":"0ef4f91e-f158-4906-9abb-f0e6ca530810","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":56,"box":{"x":550,"y":438,"width":386,"height":11}},{"id":"4baeaed4-3162-4665-a345-efb17429a8b2","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":56,"box":{"x":549,"y":452,"width":414,"height":11}},{"id":"0a2e3fe3-1cee-4a41-99f2-cfe6d0ef1ad6","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":56,"box":{"x":549,"y":467,"width":420,"height":10}},{"id":"c0a8fc30-8870-4b13-b424-60cee0ef3280","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":56,"box":{"x":549,"y":481,"width":383,"height":8}},{"id":"e0bb368a-fc9d-44d2-b204-49015ec3e2c8","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":56,"box":{"x":549,"y":495,"width":390,"height":11}},{"id":"de2809e0-79cc-4f58-9db5-9c504ff89f6d","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":56,"box":{"x":549,"y":509,"width":299,"height":9}},{"id":"e72903eb-7b0c-43f4-a9e4-1aa312c18619","block_type":"box","text":"Valuation Risk","page_number":56,"box":{"x":550,"y":532,"width":96,"height":9}},{"id":"cbd42af7-622a-4301-a3bd-df65b8ca1aef","block_type":"box","text":".","page_number":56,"box":{"x":646,"y":539,"width":2,"height":2}},{"id":"a452f032-2e20-4d1f-911c-999cecd31af4","block_type":"box","text":"The price that the Fund could receive upon the","page_number":56,"box":{"x":653,"y":532,"width":298,"height":11}},{"id":"a9554824-2c1a-4048-a6ea-e470a783b472","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":56,"box":{"x":549,"y":546,"width":408,"height":11}},{"id":"5b717c91-15dc-45b6-8d39-0a42cd2f3e54","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":56,"box":{"x":549,"y":561,"width":355,"height":11}},{"id":"81d0ec75-e1b1-4f5d-96b9-88402ffdbcab","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":56,"box":{"x":549,"y":575,"width":418,"height":11}},{"id":"7d9706fc-7990-47cb-99f9-ebf0f47c3bd5","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":56,"box":{"x":549,"y":589,"width":347,"height":11}},{"id":"b35fb75b-fdf3-4561-b167-1bf6c21c11f9","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":56,"box":{"x":549,"y":603,"width":418,"height":11}},{"id":"e4a5776c-c091-4c25-b203-46b665f8b654","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":56,"box":{"x":549,"y":617,"width":406,"height":11}},{"id":"e603c5d8-bd71-4b0e-a893-19d67cfe1e62","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":56,"box":{"x":549,"y":632,"width":411,"height":10}},{"id":"4fd57105-59eb-41a7-b77a-6904e13c910d","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":56,"box":{"x":549,"y":646,"width":392,"height":11}},{"id":"4f9b41d0-1749-441a-98bb-f2e18b6a58c2","block_type":"box","text":"purchase or sell Fund shares. 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4.31%","page_number":57,"box":{"x":725,"y":493,"width":195,"height":8}},{"id":"d973f98b-848c-41c4-992c-259ecdeae8f0","block_type":"box","text":"Return After Taxes on Distributions 4.61% 1.01% 3.65%","page_number":57,"box":{"x":137,"y":505,"width":783,"height":7}},{"id":"2307a1c9-2662-4025-932e-1429a67cf784","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.81% 1.23% 3.39%","page_number":57,"box":{"x":137,"y":517,"width":783,"height":7}},{"id":"c4e685c6-860d-4e1e-b55b-d3379b021a44","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":57,"box":{"x":124,"y":528,"width":216,"height":10}},{"id":"696e57d3-19a9-49a5-970b-1f899583b374","block_type":"box","text":"1","page_number":57,"box":{"x":343,"y":527,"width":3,"height":4}},{"id":"98e3e058-b24f-442e-bdc7-8e088bef1cd7","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":57,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"55fecf84-48e1-46bc-ab8a-892c43f810c5","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":57,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"72aa8f90-852b-4462-b7b5-4ee7daebaa31","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Ms.","page_number":58,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"d2b0f7cb-20d7-424f-bf2d-4b8df85b2511","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":58,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"a5864058-dfd0-41bf-b656-fcbd03e25aec","block_type":"box","text":"Portfolio Managers of the Fund since 2012, 2025, 2025 and 2025,","page_number":58,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"4c07b32c-e713-4633-99a7-0744fa61ee23","block_type":"box","text":"respectively.","page_number":58,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"87e01949-ef9d-4ed5-a957-e96c55ebc6c7","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":58,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"155a2fd1-941b-48a2-bea6-7acfec7cea1d","block_type":"box","text":"The Fund is an ETF. 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These","page_number":58,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"20249c96-7bda-454d-a12d-134c6bfd62b1","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":58,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"db38c902-4ebf-4954-8c92-e58fa2ebf989","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":58,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"a321e546-3d76-438c-a0e7-835198e249b7","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":59,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"0686c912-a52b-4023-9cad-ef6a9ef0d2c5","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":59,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"d1747e6e-f967-4894-bbb8-8c44bfc113fe","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":59,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"1c342339-5aed-4f0a-8998-d43299265468","block_type":"box","text":"the tables and examples below.","page_number":59,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"e2f6d9c8-a4fd-417f-b0bc-1432e28dd4b4","block_type":"box","text":"Annual Fund Operating 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Ms.","page_number":64,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"28c7badb-e881-4402-ad4a-9f2a859ff7a6","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":64,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"fd9605bd-348b-4082-a30c-09954c66a069","block_type":"box","text":"Portfolio Managers of the Fund since 2012, 2025, 2025 and 2025,","page_number":64,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"f5fba410-35c1-487a-953f-1f687768eeb8","block_type":"box","text":"respectively.","page_number":64,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"aef51701-424e-4f52-a9b3-ba98f463a530","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":64,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"fb79165c-66e2-4a26-baee-64168f39a2c7","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":64,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"0b4d01d5-d462-4f6b-98cf-b3591073ab57","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":64,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"e49d3794-7caa-4e9a-9018-a2d5a261142a","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":64,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"8cb5a223-b295-498e-a192-01bbc913202f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":64,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"a7c97dda-1f3f-40e5-a0a7-ded4a69b1db0","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":64,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"50770775-d3da-4746-a847-6854c230f0a3","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":64,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"b9ac75c1-a557-4d21-b69a-3c6be16f1684","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":64,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"967ef6df-0e8b-489d-8789-23111db177d5","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":64,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"45253a2c-be80-423f-968f-bda285e4fd1c","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":64,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"926d2200-2587-449f-8ea7-b7600bc92267","block_type":"box","text":"Tax Information","page_number":64,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"47fdc587-a9e5-4e78-a870-5181ceb90df8","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":64,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"3c4da900-d86a-40ec-994d-e80f140f70c5","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":64,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"c539f14b-7313-472f-9d71-b497a311aaf9","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":64,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"36601902-e1a9-42a8-9c46-b1f1a041ac82","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":64,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"caed3f56-7aa6-4465-8d94-7825fb0c63ca","block_type":"box","text":"withdrawn.","page_number":64,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"350118f1-ca48-4979-9bba-b06311c50241","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":64,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"2161dea2-510f-4b98-9084-aed6c7036d9b","block_type":"box","text":"Intermediaries","page_number":64,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"cc677309-0e7d-44e0-97bd-f0c096bc2d19","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":64,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"d3f394c1-d664-4375-99c9-0bf9b024dd07","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":64,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"6db9a6ee-5c11-4c1e-a6de-eebd53ff2a16","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":64,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"c06b6105-ea0c-4c2b-afb9-28b31bb5284e","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":64,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"a3c94b47-10e4-4c99-840e-c466012fe93f","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":64,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"6851d055-6d86-483b-99a0-e57fd767fcb7","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":64,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"2c525603-2788-45fd-b4ca-3319463cde7e","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":64,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"298a5557-3664-4823-b7f2-29437ee7adf2","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":64,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"6a883411-385c-40e7-abca-d85fc5c404a3","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":64,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"29e760d6-e951-44c6-8950-9d40838f5c03","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":64,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"b317c2dd-86c7-4134-ab35-f35e871799f3","block_type":"box","text":"information.","page_number":64,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"52cefca4-f0b8-4158-8313-6624fcae8852","block_type":"box","text":"S-49","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"36c5646c-cfd1-44fb-a4e7-58c915294195","block_type":"box","text":"iSHARES","page_number":65,"box":{"x":302,"y":24,"width":119,"height":15}},{"id":"9d441460-548b-4355-972e-31f1fe0c4d40","block_type":"box","text":"®","page_number":65,"box":{"x":424,"y":17,"width":11,"height":8}},{"id":"a0e2b588-a254-409b-b4b0-6e7d357dd0fc","block_type":"box","text":"MSCI EAFE VALUE ETF","page_number":65,"box":{"x":446,"y":24,"width":310,"height":15}},{"id":"b032b40f-aa2b-4008-9eae-a8919e85de5f","block_type":"box","text":"Ticker: EFV Stock Exchange: Cboe BZX","page_number":65,"box":{"x":288,"y":53,"width":476,"height":12}},{"id":"919a4c32-b4cd-4e5b-8bf9-3df528e25864","block_type":"box","text":"Investment Objective","page_number":65,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"7bcd081d-1bc4-4f91-aa56-4c45dc8fa1b6","block_type":"box","text":"The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities,","page_number":65,"box":{"x":82,"y":116,"width":879,"height":11}},{"id":"38f69dd4-f77f-4356-bd1a-73bf9efabb94","block_type":"box","text":"excluding the U.S. and Canada, that exhibit value characteristics.","page_number":65,"box":{"x":83,"y":130,"width":415,"height":11}},{"id":"a4e2fcdc-d7e6-4118-8c03-e50b8d6394d0","block_type":"box","text":"Fees and Expenses","page_number":65,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"df6b1d86-8964-47ee-b7f3-157f16ef7466","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":65,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"05db9366-2d76-4037-a22d-93cadaf4807f","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":65,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"4d761a5c-f9b0-4303-bbf6-61506515c370","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":65,"box":{"x":83,"y":213,"width":825,"height":10}},{"id":"000f1110-954f-452d-bfe2-29a784632841","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":65,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"996f2584-c41e-400a-b480-f20263bb38e1","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":65,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"5217e67f-f31b-4331-a372-f0bf3b2798f7","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":65,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"28ca01dc-946d-4cfc-be3f-41415d483887","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":65,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"abf97bc7-bec4-4d39-9cdc-263d7ab33b9d","block_type":"box","text":"the tables and examples below.","page_number":65,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"3c15ffe0-be56-4f91-9441-0b40e144cdd4","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":65,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"f2649329-1229-4dbc-9cd7-d38cc24737c2","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":65,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"8c77d1dc-0cd0-4b22-8a83-de3554b42d26","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":65,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"986969a8-11e2-442c-b785-3f478af59f6e","block_type":"box","text":"$32 $100 $174 $393","page_number":65,"box":{"x":202,"y":548,"width":649,"height":9}},{"id":"749108ac-34aa-4200-9c94-4b52841c0aa0","block_type":"box","text":"Portfolio Turnover.","page_number":65,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"20f47445-08af-4253-864d-858f38c82cc5","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":65,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"5aa606cc-f2fd-41c2-82be-88b193457968","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":65,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"b683a4ec-7b39-4e9f-ad23-adffcf7e01b9","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":65,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"73d67c0d-150c-4ed9-9ddd-d8d05722808e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":65,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"7fdc75af-8979-4add-83a8-bf48846e8748","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":65,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"09688a03-d86e-4195-b658-b3e062d0e5dc","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":65,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"8edb7cc7-de34-492d-b3f8-5d01e38b1c26","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":65,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"2f5a19ec-6552-4fe9-b92f-24c16841a29a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 23% of the","page_number":65,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"f390958e-f323-4436-86b4-34cd4ac75853","block_type":"box","text":"average value of its portfolio.","page_number":65,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"8ded041a-e8bd-4829-8d41-4d621c37053a","block_type":"box","text":"Principal Investment Strategies","page_number":65,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"ec0db5c3-6d25-4fcb-81c5-cf768d075fa4","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":65,"box":{"x":82,"y":755,"width":417,"height":9}},{"id":"ba2f2ace-0b53-4c57-888d-e800d77e1cdd","block_type":"box","text":"Value Index (the “Underlying Index”), which is a subset of the","page_number":65,"box":{"x":82,"y":768,"width":390,"height":11}},{"id":"c6c5bb50-2802-497b-b984-0163d9ef4c17","block_type":"box","text":"MSCI EAFE Index. The MSCI EAFE Index has been developed by","page_number":65,"box":{"x":83,"y":781,"width":407,"height":11}},{"id":"57eb3250-f726-42dd-b482-17c3da830b61","block_type":"box","text":"MSCI Inc. (the “Index Provider” or “MSCI”) to measure the equity","page_number":65,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"6251d4c1-ae3c-48b1-a7b4-689ce4b5a4cc","block_type":"box","text":"market performance of developed markets outside of the U.S. and","page_number":65,"box":{"x":83,"y":807,"width":423,"height":11}},{"id":"69f3fd4a-f247-41b4-a161-e2af3f92694b","block_type":"box","text":"Canada.","page_number":65,"box":{"x":83,"y":820,"width":51,"height":8}},{"id":"3042e248-1747-416b-a1f8-61c29f1ed4ad","block_type":"box","text":"Constituents of the Underlying Index include securities from","page_number":65,"box":{"x":83,"y":840,"width":383,"height":11}},{"id":"e24d1f3a-6871-4d59-9ec4-3b0d0315ccf0","block_type":"box","text":"Europe, Australasia and the Far East. The Underlying Index targets","page_number":65,"box":{"x":84,"y":853,"width":421,"height":11}},{"id":"aaf2fc33-2b51-447e-b06a-806faca7f140","block_type":"box","text":"approximately 50% coverage of the free float-adjusted market","page_number":65,"box":{"x":83,"y":866,"width":395,"height":11}},{"id":"fbba6c86-3f63-4858-9310-b7e92d9f4a20","block_type":"box","text":"capitalization of the MSCI EAFE Index and consists of those","page_number":65,"box":{"x":83,"y":879,"width":380,"height":11}},{"id":"a7d0dc88-d599-4cd7-ae35-abeed43094c1","block_type":"box","text":"securities classified by MSCI as most representing the value style","page_number":65,"box":{"x":549,"y":580,"width":419,"height":11}},{"id":"d20be74d-9e98-46a0-8c5a-1cdae03edac3","block_type":"box","text":"of investing. Securities classified in this style generally tend to","page_number":65,"box":{"x":549,"y":593,"width":397,"height":11}},{"id":"7bed9d25-fd02-4b1d-beeb-7c839ca9f04c","block_type":"box","text":"have higher value characteristics (","page_number":65,"box":{"x":549,"y":606,"width":218,"height":11}},{"id":"81794491-6190-4fe3-a9e6-126aa0269a44","block_type":"box","text":"i.e.","page_number":65,"box":{"x":768,"y":606,"width":17,"height":8}},{"id":"a1b3703d-6a97-4261-90c7-02a4d7dd1eb2","block_type":"box","text":", higher book value to price,","page_number":65,"box":{"x":787,"y":606,"width":177,"height":11}},{"id":"785ba6c3-c6d0-46dc-a9ff-4edcfd684810","block_type":"box","text":"12-month forward earnings to price and dividend yield). MSCI","page_number":65,"box":{"x":551,"y":619,"width":390,"height":11}},{"id":"5eba28f4-8a3f-4c53-90db-012c82626c01","block_type":"box","text":"uses a specialized framework to attribute both value and growth","page_number":65,"box":{"x":549,"y":632,"width":410,"height":10}},{"id":"ab1c269a-a845-4e9e-9f7a-2eb33b6a3b08","block_type":"box","text":"style characteristics to each security within the MSCI EAFE Index.","page_number":65,"box":{"x":549,"y":645,"width":420,"height":10}},{"id":"fa8fe2e7-9239-4808-a965-bcee7449783e","block_type":"box","text":"Each security is evaluated based on certain value factors and","page_number":65,"box":{"x":550,"y":657,"width":389,"height":11}},{"id":"e5e1462f-f2cb-4a1a-bdbe-da27c2ae9c71","block_type":"box","text":"growth factors, which are then used to calculate a value score and","page_number":65,"box":{"x":549,"y":670,"width":424,"height":11}},{"id":"5ce0d34b-7c66-4020-a40c-3d33c5f52188","block_type":"box","text":"growth score. Based upon these two scores, MSCI determines the","page_number":65,"box":{"x":549,"y":683,"width":423,"height":11}},{"id":"a1d2e238-13bd-4d4a-afae-d305132d7cba","block_type":"box","text":"extent to which each security is assigned to the value or growth","page_number":65,"box":{"x":549,"y":696,"width":406,"height":11}},{"id":"2001377d-63c2-4c72-8c08-cebf12c6c976","block_type":"box","text":"style. It is possible for a single security to have representation in","page_number":65,"box":{"x":549,"y":709,"width":411,"height":11}},{"id":"5d036a52-7828-423b-8961-83f5ae5f04ea","block_type":"box","text":"both the value and growth style indexes; however, no more than","page_number":65,"box":{"x":549,"y":722,"width":409,"height":11}},{"id":"12dcd8d0-1b15-405e-ab77-0810511433b1","block_type":"box","text":"100% of a security’s float-adjusted market capitalization will be","page_number":65,"box":{"x":551,"y":735,"width":399,"height":11}},{"id":"a8cf2b55-8a5c-4d3a-94e7-ecc73c27992f","block_type":"box","text":"included within the combined style framework. The Underlying","page_number":65,"box":{"x":549,"y":748,"width":399,"height":10}},{"id":"bc133408-94ea-4a61-b4d5-5a4edbe57eeb","block_type":"box","text":"Index includes large- and mid-capitalization companies and may","page_number":65,"box":{"x":550,"y":761,"width":408,"height":10}},{"id":"509b68c4-f585-4eb0-8969-342c45c238fd","block_type":"box","text":"change over time.","page_number":65,"box":{"x":549,"y":773,"width":113,"height":11}},{"id":"582572de-ffa5-41cf-83d9-1bc14c8eddf9","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of securities","page_number":65,"box":{"x":549,"y":794,"width":407,"height":11}},{"id":"ea09a491-6bc1-4f4b-8a67-05d9ce47cd13","block_type":"box","text":"from the following countries or regions: Australia, Austria,","page_number":65,"box":{"x":549,"y":807,"width":369,"height":11}},{"id":"91db95fd-07e7-46ab-81fc-cbddb8c0ebf0","block_type":"box","text":"Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland,","page_number":65,"box":{"x":550,"y":820,"width":421,"height":11}},{"id":"a685f559-413c-4545-8a13-3ce0223c0a7d","block_type":"box","text":"Israel, Italy, Japan, the Netherlands, New Zealand, Norway,","page_number":65,"box":{"x":550,"y":833,"width":373,"height":11}},{"id":"4bb27eaf-e886-4e27-a9f3-d649ed313be7","block_type":"box","text":"Portugal, Singapore, Spain, Sweden, Switzerland and the United","page_number":65,"box":{"x":550,"y":846,"width":407,"height":10}},{"id":"3ae0db61-de33-4c9e-bcb5-82d7e4fc049a","block_type":"box","text":"Kingdom (the “U.K.”). As of July 31, 2025, a significant portion of","page_number":65,"box":{"x":550,"y":858,"width":412,"height":11}},{"id":"df5022c3-a12c-4d12-bdfa-2310a4257557","block_type":"box","text":"the Underlying Index is represented by securities of companies in","page_number":65,"box":{"x":549,"y":871,"width":417,"height":11}},{"id":"13904b78-a21f-4ac2-a208-4682ea98e9a2","block_type":"box","text":"S-50","page_number":65,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3c899c7f-4d0a-40fd-baca-cb6b7ce34dff","block_type":"box","text":"the consumer goods and services and financials industries or","page_number":66,"box":{"x":83,"y":23,"width":391,"height":11}},{"id":"57d6c0a8-0715-46d4-9fd7-d699bae2aa0f","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":66,"box":{"x":83,"y":36,"width":391,"height":11}},{"id":"4fc37f6e-f919-4d3e-af92-4d2301e0b0d5","block_type":"box","text":"change over time.","page_number":66,"box":{"x":83,"y":49,"width":113,"height":11}},{"id":"d885af52-3c87-4685-9758-3c504dad38dc","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":66,"box":{"x":84,"y":71,"width":376,"height":11}},{"id":"339eec3d-2438-4f76-821b-8c9c178c5fe2","block_type":"box","text":"investment objective. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":71,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"45dc0b51-80ce-42c2-a23c-92c5f86d2339","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":71,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"8933053c-e48e-4122-8a5e-9509eacb66c6","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":71,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"6766d4ac-d920-4a2f-982e-4c4f8c09f991","block_type":"box","text":"the tables and examples below.","page_number":71,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"3a72c024-eeed-423f-b11e-05527d5fa8da","block_type":"box","text":"Annual Fund Operating 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The Index Provider determines the","page_number":72,"box":{"x":83,"y":447,"width":356,"height":9}},{"id":"c75379fc-247c-4a5c-aa15-c6837a6fb6df","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":72,"box":{"x":83,"y":461,"width":377,"height":11}},{"id":"a3ead321-3ca3-4aec-ab74-730db2bbe58d","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":72,"box":{"x":83,"y":476,"width":416,"height":10}},{"id":"a29126f2-53e9-4bba-a76b-b92bf995203d","block_type":"box","text":"value of the Underlying Index.","page_number":72,"box":{"x":82,"y":490,"width":190,"height":11}},{"id":"1d8bd2be-300e-4aeb-bcc4-a24d29253a36","block_type":"box","text":"Industry Concentration Policy.","page_number":72,"box":{"x":83,"y":513,"width":210,"height":11}},{"id":"95a65365-7526-466a-a002-bdbe14d761c9","block_type":"box","text":"The Fund will concentrate its","page_number":72,"box":{"x":298,"y":513,"width":184,"height":8}},{"id":"cc027efd-36eb-4b51-81a3-44a8cf2289d5","block_type":"box","text":"investments (","page_number":72,"box":{"x":83,"y":527,"width":85,"height":11}},{"id":"e7ff8acc-9a48-4c5a-9dd0-e2b1522ade73","block_type":"box","text":"i.e.","page_number":72,"box":{"x":169,"y":527,"width":17,"height":9}},{"id":"650e6ef4-a9eb-42fe-a150-31d10518c30f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":72,"box":{"x":189,"y":527,"width":264,"height":11}},{"id":"ce2acba9-bb9b-4f47-ab3f-f0ae7da5d5de","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":72,"box":{"x":83,"y":541,"width":394,"height":11}},{"id":"8a2d70f8-fd90-41b7-8ffa-a88087dc9f30","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":72,"box":{"x":83,"y":556,"width":377,"height":10}},{"id":"efd1621a-3559-4af2-841f-0da86d51a883","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":72,"box":{"x":83,"y":570,"width":389,"height":11}},{"id":"1ec85d5b-54e3-49fd-a2bb-ae57d31f7440","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":72,"box":{"x":83,"y":584,"width":389,"height":11}},{"id":"42941c3b-bd16-4cb8-b159-fcef4723dfb2","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":72,"box":{"x":83,"y":598,"width":410,"height":11}},{"id":"62687b27-2f18-4498-a22b-84cceaed4456","block_type":"box","text":"considered to be issued by members of any industry.","page_number":72,"box":{"x":83,"y":612,"width":337,"height":11}},{"id":"4aa2ba17-23ac-4fdb-9aaa-a529ade1872f","block_type":"box","text":"Summary of Principal Risks","page_number":72,"box":{"x":83,"y":641,"width":235,"height":14}},{"id":"5c96106c-119d-4499-970a-c13260e8318f","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":72,"box":{"x":82,"y":666,"width":363,"height":11}},{"id":"2994a492-9ba8-4c2f-b979-2b42540524e7","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":72,"box":{"x":83,"y":681,"width":402,"height":10}},{"id":"39b9dec0-87fd-451c-8b64-23d3ff899930","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":72,"box":{"x":83,"y":695,"width":396,"height":10}},{"id":"960d7cfc-332b-4e4b-8b3c-06836ba01d76","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":72,"box":{"x":83,"y":709,"width":376,"height":11}},{"id":"60e8abc1-3245-485a-887b-bb0d0ed961d2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":72,"box":{"x":83,"y":723,"width":392,"height":11}},{"id":"bed86958-a942-45b8-a830-750e132ca4bd","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":72,"box":{"x":83,"y":737,"width":416,"height":11}},{"id":"f532693f-78f0-4e59-9c17-767e52e033ac","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":72,"box":{"x":83,"y":752,"width":387,"height":10}},{"id":"524e3637-b9f2-49b5-bc3c-dd74110b3bfc","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":72,"box":{"x":82,"y":766,"width":426,"height":11}},{"id":"fbd6a5e3-4a8c-490b-a188-ae90f034f855","block_type":"box","text":"risk is difficult to predict and may change over time. 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In","page_number":74,"box":{"x":549,"y":617,"width":383,"height":11}},{"id":"ce0658ca-1556-40e0-b6b3-cbdd70cf285c","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":74,"box":{"x":549,"y":632,"width":387,"height":10}},{"id":"9582ce9a-b645-455a-99e1-2b0b09682692","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":74,"box":{"x":549,"y":646,"width":372,"height":11}},{"id":"a675b282-4865-42e9-84e8-e89e25a71740","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":74,"box":{"x":549,"y":660,"width":381,"height":11}},{"id":"1f121991-4c3b-44dd-bcea-e3dd67b1edd4","block_type":"box","text":"availability of certain commodities.","page_number":74,"box":{"x":549,"y":674,"width":222,"height":11}},{"id":"579c7ad3-2778-4421-843b-97ea689b99e7","block_type":"box","text":"Risk of Investing in the U.K.","page_number":74,"box":{"x":549,"y":697,"width":186,"height":11}},{"id":"89157d96-2a7f-4120-8937-d045e78ec3da","block_type":"box","text":"Investing in U.K. issuers subjects","page_number":74,"box":{"x":742,"y":697,"width":211,"height":11}},{"id":"2ffc44ec-93ab-4063-af4c-da11ad329c24","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":74,"box":{"x":549,"y":712,"width":375,"height":10}},{"id":"83d8ca5c-84d7-428a-a341-add2f75e0d88","block_type":"box","text":"geographic and security risks that are specific to the U.K.","page_number":74,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"9ec2c874-dfaf-4a47-9e17-2be5f0041253","block_type":"box","text":"Economic downturns or political instability in its key trading","page_number":74,"box":{"x":550,"y":740,"width":380,"height":11}},{"id":"03fcf6e9-3e1c-4461-af38-64902d6aba04","block_type":"box","text":"partners, which include the United States and other European","page_number":74,"box":{"x":549,"y":754,"width":394,"height":11}},{"id":"317ddc42-7712-4c43-95ef-ac33ce588f1b","block_type":"box","text":"countries, could have an adverse effect on the U.K. economy.","page_number":74,"box":{"x":549,"y":768,"width":392,"height":11}},{"id":"6735933d-6ddd-40fc-971a-b46c0e585405","block_type":"box","text":"Following Brexit, certain trading matters between the U.K. and the","page_number":74,"box":{"x":550,"y":782,"width":422,"height":11}},{"id":"bd0011a2-f618-4180-910c-8c44b275dcd5","block_type":"box","text":"European Union (the “EU”) remain unresolved, including with","page_number":74,"box":{"x":550,"y":797,"width":387,"height":10}},{"id":"6d981b40-dd85-4129-8a8e-67fa9cbfa7fd","block_type":"box","text":"respect to financial services. 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The Fund could","page_number":75,"box":{"x":83,"y":23,"width":408,"height":11}},{"id":"bd94a0cf-c7f5-45d8-9982-8bd3e3c89ef0","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":75,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"370b2d10-e232-4b92-8f51-06f4c2714f86","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":75,"box":{"x":83,"y":51,"width":389,"height":11}},{"id":"21e1bf16-b3a9-46b0-ad1e-6634d79aef3e","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":75,"box":{"x":83,"y":66,"width":406,"height":8}},{"id":"c3a910e4-595d-4c0f-a987-9b4102494b9e","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":75,"box":{"x":83,"y":80,"width":301,"height":11}},{"id":"e15c916a-cb39-4761-b465-54c40fa7d4fd","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":84,"y":103,"width":128,"height":11}},{"id":"b75a96b7-0e93-4500-8ba7-bc3b0918034e","block_type":"box","text":".","page_number":75,"box":{"x":212,"y":110,"width":2,"height":1}},{"id":"ae291e02-e95c-46bc-8166-37e801be0986","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":75,"box":{"x":219,"y":103,"width":284,"height":11}},{"id":"8eede21a-5402-46f7-b6f6-5668d4c0d60e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":75,"box":{"x":82,"y":117,"width":405,"height":11}},{"id":"4f00d3bc-630f-4a5e-81c1-a21209b8f939","block_type":"box","text":"the Underlying Index. 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The price received by the Fund also may differ from","page_number":75,"box":{"x":549,"y":174,"width":418,"height":11}},{"id":"f4a7d894-3cc9-4000-9872-5da445060f12","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":75,"box":{"x":549,"y":188,"width":406,"height":11}},{"id":"d7f6b30d-184c-4279-8e99-d5b35508aabe","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":75,"box":{"x":549,"y":202,"width":411,"height":11}},{"id":"abf7521e-3005-49fb-b498-3ad1f8ec587b","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":75,"box":{"x":549,"y":217,"width":392,"height":10}},{"id":"4f2f0370-ee4b-4396-a82d-90410766c00d","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":75,"box":{"x":549,"y":231,"width":414,"height":10}},{"id":"83c021b8-aed5-47a5-b8f6-99e02ccf52f8","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":75,"box":{"x":549,"y":245,"width":394,"height":11}},{"id":"7b8ba8c7-74d1-4600-bd82-c01edc08243c","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":75,"box":{"x":548,"y":259,"width":383,"height":11}},{"id":"005533b4-4e91-45c2-830f-761c72e9882b","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":75,"box":{"x":549,"y":273,"width":414,"height":11}},{"id":"aeaa5d33-f01a-4390-a0fb-28d469e1f9cc","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":75,"box":{"x":549,"y":287,"width":392,"height":9}},{"id":"83d1f236-f621-4ea7-b719-971c2fda02ea","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":75,"box":{"x":548,"y":302,"width":425,"height":10}},{"id":"5bae26e0-397e-430f-88da-ca029376fce6","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":75,"box":{"x":548,"y":316,"width":400,"height":11}},{"id":"bb845875-fb7b-4b03-b1a6-abedfe2ca3c2","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":75,"box":{"x":549,"y":330,"width":405,"height":11}},{"id":"513582fc-6c8b-4bd7-9ddb-1dfef8240a4e","block_type":"box","text":"S-60","page_number":75,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"99f058d5-b1f1-4911-bee6-c22b9882acaa","block_type":"box","text":"Performance Information","page_number":76,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"bb8599ef-a79b-4036-a755-531afdf92494","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":76,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"e60309f3-03ee-458b-982b-4f30ca7c0de6","block_type":"box","text":"of the risks of investing in the Fund. 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(the “Index Provider” or “MSCI”). 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The Fund seeks to track the investment","page_number":79,"box":{"x":83,"y":804,"width":392,"height":11}},{"id":"65bc21ef-95ce-453f-8d5f-8986b208dc4d","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":79,"box":{"x":83,"y":819,"width":404,"height":10}},{"id":"851db68a-340a-485d-9367-0714c72f090f","block_type":"box","text":"Fund.","page_number":79,"box":{"x":84,"y":833,"width":33,"height":8}},{"id":"2dc5e727-7c64-4808-941d-e65a81b07cd6","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":79,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"4877ecf1-475f-46cc-967d-7e694f7c1d2e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":79,"box":{"x":548,"y":37,"width":371,"height":11}},{"id":"4db14b3b-b6ef-4d1a-882b-32e377557f7b","block_type":"box","text":"collateral received).","page_number":79,"box":{"x":549,"y":52,"width":125,"height":10}},{"id":"74a05fe6-0708-439d-a462-409c11906fb1","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by MSCI,","page_number":79,"box":{"x":549,"y":75,"width":402,"height":11}},{"id":"26645d8f-2897-4831-b17e-cdbbd10bb560","block_type":"box","text":"which is independent of the Fund and BFA. 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The Fund is subject to certain risks,","page_number":79,"box":{"x":549,"y":351,"width":396,"height":10}},{"id":"168fefbc-297e-438c-834e-6298bbf4b76e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":79,"box":{"x":549,"y":365,"width":376,"height":11}},{"id":"be532078-4dfe-4909-8de3-2ccedc1c3474","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":79,"box":{"x":549,"y":379,"width":392,"height":11}},{"id":"7ab533d3-a57f-4048-b539-00b9ec3fd2c3","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":79,"box":{"x":549,"y":393,"width":416,"height":11}},{"id":"9101534d-390d-4173-8ba0-fff26ada0d01","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":79,"box":{"x":549,"y":407,"width":388,"height":11}},{"id":"eca2d040-93f6-4b81-813f-b6104f9d5f7e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":79,"box":{"x":549,"y":421,"width":425,"height":11}},{"id":"df98a331-ca10-43e5-a710-5557953afaee","block_type":"box","text":"risk is difficult to predict and may change over time. 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Errors in index data, index computations or the","page_number":80,"box":{"x":83,"y":367,"width":366,"height":11}},{"id":"986b5f92-6302-4a05-b710-9b069f2af91a","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":80,"box":{"x":83,"y":382,"width":377,"height":10}},{"id":"5030970d-92f5-45ce-8e8f-65553b817778","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":80,"box":{"x":83,"y":396,"width":413,"height":11}},{"id":"e8962d55-8084-4a45-9877-b7b2f0bdee0d","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":80,"box":{"x":83,"y":410,"width":396,"height":11}},{"id":"50e9bfd0-7893-4738-a03d-911945d499a3","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":80,"box":{"x":83,"y":424,"width":367,"height":11}},{"id":"87277fe7-ccaa-4009-a384-1074fa0fc781","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":80,"box":{"x":83,"y":438,"width":400,"height":11}},{"id":"3c2ba4bf-8d63-4bf3-b93c-6f1fb90dda11","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":80,"box":{"x":83,"y":452,"width":409,"height":11}},{"id":"a82c7c4c-dfd7-45b2-bec9-f1cf0d35571f","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":80,"box":{"x":83,"y":467,"width":414,"height":10}},{"id":"acb31eea-5073-4cc1-b0a3-570572366a6c","block_type":"box","text":"to postpone a scheduled rebalance. 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Only an Authorized Participant","page_number":80,"box":{"x":83,"y":655,"width":407,"height":11}},{"id":"80f4f963-266e-4b06-8529-0a3567ec352f","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":80,"box":{"x":83,"y":669,"width":409,"height":11}},{"id":"9ef51da7-da7a-4f90-8d77-c0d76f0c5930","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":80,"box":{"x":83,"y":683,"width":412,"height":11}},{"id":"8cbbbeaf-ddbd-4cba-8f91-b36ecbcbb085","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":80,"box":{"x":83,"y":697,"width":403,"height":11}},{"id":"6b3485c6-d32f-44de-98c9-79b634b61e13","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":80,"box":{"x":83,"y":712,"width":378,"height":10}},{"id":"ca54c706-3f01-4575-af3c-0365da663c2b","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":80,"box":{"x":84,"y":726,"width":379,"height":11}},{"id":"67207792-ff59-4351-8e6a-74b0eecfb143","block_type":"box","text":"transactions. 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country","page_number":83,"box":{"x":124,"y":608,"width":793,"height":10}},{"id":"700bc150-1e8e-48dd-bb7f-884f769b2cde","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":83,"box":{"x":123,"y":618,"width":843,"height":10}},{"id":"ef378ddd-ba6f-4e84-b972-bbe168247d47","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":83,"box":{"x":83,"y":673,"width":871,"height":11}},{"id":"0abc61bc-d70a-44a1-b26a-7c2c84ed8a0c","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":83,"box":{"x":83,"y":687,"width":860,"height":11}},{"id":"f1af72ae-2b24-49b5-84c6-85f997e3fe2b","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":83,"box":{"x":83,"y":701,"width":855,"height":11}},{"id":"309e15c0-20a0-4736-972f-35f4205e7f2b","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":83,"box":{"x":83,"y":715,"width":883,"height":11}},{"id":"4e2c4165-d633-49a8-b7cc-1518140e9260","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":83,"box":{"x":82,"y":730,"width":861,"height":10}},{"id":"ce971506-d968-4335-b003-5dede187b893","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":83,"box":{"x":83,"y":744,"width":359,"height":10}},{"id":"4f9cb621-6d29-475a-8ce7-f1822f41a051","block_type":"box","text":"S-68","page_number":83,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5ed7ab59-e263-4c70-a114-377c6f7dfcc0","block_type":"box","text":"Management","page_number":84,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"3b523366-6fd7-4b6b-8a9e-f06fa914e0bb","block_type":"box","text":"Investment Adviser.","page_number":84,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"fa87c101-2978-4d1e-9699-d97d37c27ea6","block_type":"box","text":"BlackRock Fund Advisors.","page_number":84,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"343a0bb3-9c8c-4125-b12d-3c31feab593b","block_type":"box","text":"Portfolio Managers.","page_number":84,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"5962a151-a061-453c-8be6-f3e4aabfb3fb","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":84,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"84018af2-f3f7-4adb-9c2a-d04c75648b64","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":84,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"c05f513b-79ed-4048-af93-a7b43a6b97dd","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":84,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"d301b601-7a2d-4aa4-bd42-1e1af42b76e3","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":84,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"27c5f76f-6a21-49f9-b85b-7ba6f600978a","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":84,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"4ac505e0-efdc-40a0-95e9-4af65387c158","block_type":"box","text":"Portfolio Managers of the Fund since 2015, 2025, 2025 and 2025,","page_number":84,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"315c649a-2f12-420e-9af5-b2e6a1bde4d8","block_type":"box","text":"respectively.","page_number":84,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"6720931f-4a86-43fb-a8fd-a9648692cdd9","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":84,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"fd693536-6b64-41e2-aa85-5fd0d309ee21","block_type":"box","text":"The Fund is an ETF. 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An investor may incur costs attributable to","page_number":84,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"8b2d20a8-f27d-4b81-ad4f-0be5d3712e0d","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":84,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"bd87448c-8623-432c-94f1-31bdf5b95e32","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":84,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"2fb62759-112f-4ba2-9641-1e626529776b","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":84,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"3f8758dd-65e2-490c-8fc5-20983a809ba9","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":84,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"4b4058ef-74b1-4bb8-97b8-63e840407b03","block_type":"box","text":"Tax Information","page_number":84,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"20816314-7e2c-4ffa-8626-d03df335fc2d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":84,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"41daca27-68c9-4e96-af7b-486cb54ee251","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":84,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"3c181477-d59a-4e59-9413-0e4a48cf2325","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":84,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"acd0e42a-c62d-40e6-afd1-8a0d232663e2","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":84,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"26ad1d33-e0e8-40c8-9857-41e9eecc4c75","block_type":"box","text":"withdrawn.","page_number":84,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"3ae9202b-44ec-4db7-98c2-21efcdcbc955","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":84,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8fa18dae-0290-4101-8bec-cc7a5e7ab9bf","block_type":"box","text":"Intermediaries","page_number":84,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"388dfbc7-0414-49b2-927d-d43dd3f36ce4","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":84,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"d2c428e8-ed33-47a4-9bfb-2c5d6480daf3","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":84,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"4470f641-a1bd-4dd1-877c-94eb5c4281ed","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":84,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"753aae3f-62af-46be-a805-2204981c0316","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":84,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"cb871faf-2e1a-4934-aa07-4dba08fefe07","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":84,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"14c7293d-5b3c-4006-b717-7cacdfa3b4ad","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":84,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"829f899f-618d-4e38-85fc-c7a45e6b1f06","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":84,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"fcd7d7f6-98d1-4885-b320-78da4c81bdb1","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":84,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"7b304338-1179-4a85-a88e-6c0917cdfcd2","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":84,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"f8690f74-3583-428b-96ef-264e5c715311","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":84,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"97662248-602a-46cd-91a9-3178255b276b","block_type":"box","text":"information.","page_number":84,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"9a49bf98-f763-4e87-a589-8ba1ccab954e","block_type":"box","text":"S-69","page_number":84,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"45209a12-785c-4179-9c30-23b5f4e762f6","block_type":"box","text":"iSHARES","page_number":85,"box":{"x":231,"y":24,"width":119,"height":15}},{"id":"9ff4187f-9f19-4cea-8615-41aea2226d00","block_type":"box","text":"®","page_number":85,"box":{"x":353,"y":17,"width":11,"height":8}},{"id":"d5c8f024-2222-461a-be6a-fb16d1d49a52","block_type":"box","text":"MSCI INTL QUALITY FACTOR ETF","page_number":85,"box":{"x":375,"y":24,"width":452,"height":17}},{"id":"e27007f0-910e-4f20-a419-799bb85a64ae","block_type":"box","text":"Ticker: IQLT Stock Exchange: NYSE Arca","page_number":85,"box":{"x":284,"y":53,"width":483,"height":12}},{"id":"e30ad464-53c5-41c9-9905-65a63dbe1c59","block_type":"box","text":"Investment Objective","page_number":85,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"99a025b5-9ab6-42c0-b939-a7cbf8578e95","block_type":"box","text":"The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of","page_number":85,"box":{"x":82,"y":116,"width":881,"height":11}},{"id":"fd37b317-267d-4dfc-8ce4-4f757e223dfb","block_type":"box","text":"international developed large- and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three","page_number":85,"box":{"x":83,"y":129,"width":873,"height":11}},{"id":"6b6068ad-f1b5-46fa-9c53-53267d1c7bc2","block_type":"box","text":"fundamental variables: return on equity, earnings variability and debt-to-equity.","page_number":85,"box":{"x":82,"y":142,"width":506,"height":11}},{"id":"4abecada-a1c3-4915-b9b9-92aec2d12341","block_type":"box","text":"Fees and Expenses","page_number":85,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"9ae635c2-b272-4786-9753-542c69e71c26","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":85,"box":{"x":82,"y":195,"width":869,"height":10}},{"id":"72cb646f-83f4-4d63-a57b-ee33901fb22d","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":85,"box":{"x":83,"y":207,"width":863,"height":11}},{"id":"77a23960-8d31-4a69-88cc-af52791a9e99","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":85,"box":{"x":83,"y":220,"width":825,"height":11}},{"id":"8517d0a8-3cb3-4752-9ffb-d8c2f531e342","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":85,"box":{"x":83,"y":233,"width":834,"height":11}},{"id":"443bca21-f64b-4fe9-94a3-1b7eb64116d0","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":85,"box":{"x":83,"y":246,"width":814,"height":11}},{"id":"646ac883-c445-4865-9239-05aae51517ce","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":85,"box":{"x":83,"y":259,"width":595,"height":11}},{"id":"f66f271c-8089-4f32-b63a-7abbd27e08f6","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":85,"box":{"x":82,"y":281,"width":883,"height":11}},{"id":"9c71f995-ab8b-4015-83b2-806ce2f1de9d","block_type":"box","text":"the tables and examples below.","page_number":85,"box":{"x":83,"y":294,"width":220,"height":11}},{"id":"25078c8d-b29e-498f-81fd-0355d9334088","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":85,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"23c04c4c-b67a-4106-848f-981301f3f5d8","block_type":"box","text":"1","page_number":85,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"76805969-b52b-47a6-8313-488389871fe2","block_type":"box","text":"Management","page_number":85,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"4b84be6a-d798-410f-8ffe-6e2cf49fb3cc","block_type":"box","text":"Fees","page_number":85,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"cddb78de-e457-4780-b749-e0ae767fa287","block_type":"box","text":"Distribution","page_number":85,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"21fbd7a8-5d0c-42c0-a4fb-700f125f293c","block_type":"box","text":"and Service","page_number":85,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"7ca335e5-0b57-4a1f-8a3d-b65344cd4b39","block_type":"box","text":"(12b-1) Fees","page_number":85,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"fa994a72-0ade-4312-a310-8f25681c44d3","block_type":"box","text":"Other","page_number":85,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"02d1f0aa-1a15-4cc4-8f83-e859cdb02112","block_type":"box","text":"Expenses","page_number":85,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"2565781c-c8a7-478c-82d1-82a520d62289","block_type":"box","text":"Total Annual","page_number":85,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"17b44b09-6b55-4697-b928-c7c9086ac2b2","block_type":"box","text":"Fund","page_number":85,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"89fa02f4-3368-49f1-ac44-f8f6e23af917","block_type":"box","text":"Operating","page_number":85,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"158e8a76-82e5-4cc5-a4ff-ea18a69a0ddc","block_type":"box","text":"Expenses","page_number":85,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"3b10d682-e4b2-426e-94f1-c4232133cf10","block_type":"box","text":"0.30% None 0.00% 0.30%","page_number":85,"box":{"x":193,"y":403,"width":673,"height":8}},{"id":"4df5e114-aa9b-47f4-9039-f434c88f8117","block_type":"box","text":"1","page_number":85,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"a40f56e0-c7b8-4bfb-901f-7075dd8dcf2b","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":85,"box":{"x":83,"y":481,"width":862,"height":11}},{"id":"91749a76-d9da-499e-a4f1-7dd0e02b4295","block_type":"box","text":"same. 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Such indices use withholding tax rates that are often at a higher rate","page_number":89,"box":{"x":123,"y":609,"width":843,"height":10}},{"id":"363a1a8c-29b4-49eb-9d31-45db6a53e5e2","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":89,"box":{"x":123,"y":620,"width":835,"height":9}},{"id":"3fac5df1-ac11-4d59-8070-97385b6cf0e9","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":89,"box":{"x":123,"y":630,"width":650,"height":10}},{"id":"5d9d57fb-dd65-486a-a150-4862494b3257","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":89,"box":{"x":82,"y":650,"width":882,"height":10}},{"id":"6d844fd2-2897-4e1b-92b9-a73285759d9b","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":89,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"09a5c740-875b-42ce-b35f-64e95f24ba5d","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":89,"box":{"x":83,"y":675,"width":860,"height":11}},{"id":"bb5c1b00-e725-4031-9948-b00da6f5aac7","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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These","page_number":90,"box":{"x":549,"y":179,"width":420,"height":11}},{"id":"763049f9-81cc-46ff-9311-d13ee11fd388","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":90,"box":{"x":549,"y":193,"width":387,"height":11}},{"id":"c4bd8a05-cecd-481a-b083-01bb8204512e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":90,"box":{"x":549,"y":208,"width":384,"height":10}},{"id":"0daa8ab0-d29b-40c9-9318-684e0aa319cf","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":91,"box":{"x":82,"y":206,"width":869,"height":11}},{"id":"e1d69d62-5484-4f1d-bb9e-351e67a9283e","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":91,"box":{"x":83,"y":220,"width":863,"height":11}},{"id":"a66729f5-f61a-416d-8e8d-b8f783f4ee98","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":91,"box":{"x":83,"y":235,"width":825,"height":10}},{"id":"14404938-100d-4d13-a10b-021834fe0392","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":91,"box":{"x":83,"y":249,"width":834,"height":11}},{"id":"380f9248-fd67-4c3f-aa37-60df6509eeee","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":91,"box":{"x":83,"y":263,"width":814,"height":11}},{"id":"97402c1a-c962-4aa1-befa-653f4ca04dff","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":91,"box":{"x":83,"y":277,"width":595,"height":11}},{"id":"50e052cf-68e5-49a7-b18b-8954b293c985","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":91,"box":{"x":82,"y":300,"width":883,"height":11}},{"id":"7dc9ee7b-0c0e-4e84-b250-a39db96dfe0f","block_type":"box","text":"the tables and examples below.","page_number":91,"box":{"x":83,"y":315,"width":220,"height":10}},{"id":"66d4ca45-1332-4a8c-a2bf-21779fa4513d","block_type":"box","text":"Annual Fund Operating 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In","page_number":94,"box":{"x":549,"y":37,"width":383,"height":11}},{"id":"3a81a7e5-cbc9-47ee-984d-be7e4b22a0d5","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":94,"box":{"x":549,"y":52,"width":387,"height":10}},{"id":"97cfab0c-2265-41f8-8cad-098df1dfa629","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":94,"box":{"x":549,"y":66,"width":372,"height":11}},{"id":"ae677805-de3d-4886-b273-64caffd354fe","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":94,"box":{"x":549,"y":80,"width":381,"height":11}},{"id":"80f6d4e2-459f-4ca2-8925-fc4fb9e34f49","block_type":"box","text":"availability of certain commodities.","page_number":94,"box":{"x":549,"y":94,"width":222,"height":11}},{"id":"7c84076f-85f4-4c9b-a999-f4e3249b57e9","block_type":"box","text":"Risk of Investing in Japan","page_number":94,"box":{"x":549,"y":117,"width":170,"height":11}},{"id":"0f510396-a72d-4f27-bff4-60809b9c283d","block_type":"box","text":".","page_number":94,"box":{"x":721,"y":124,"width":2,"height":2}},{"id":"ded9eae3-03dc-4ab0-abb4-e422584c5069","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":94,"box":{"x":729,"y":117,"width":242,"height":11}},{"id":"f0a4887b-3b60-4d81-ad1b-b626c8d6f4fc","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":94,"box":{"x":549,"y":131,"width":375,"height":11}},{"id":"8a7eb290-938c-446e-ba43-3d41641f1122","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":94,"box":{"x":549,"y":146,"width":405,"height":10}},{"id":"df007ec9-c438-461a-8775-2e1f8393657e","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":94,"box":{"x":549,"y":160,"width":396,"height":11}},{"id":"1a0fd549-8308-4d1d-add1-d3ce226db412","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":94,"box":{"x":549,"y":174,"width":369,"height":11}},{"id":"e0e85023-8937-4c7f-aea8-c8f87f57c2cc","block_type":"box","text":"exports. 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The Fund could","page_number":94,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"87dd10eb-54b5-421c-922e-4eb31aa99b94","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":94,"box":{"x":549,"y":339,"width":416,"height":11}},{"id":"b99f3079-151b-447b-a040-52e000a8c08d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":94,"box":{"x":549,"y":353,"width":389,"height":11}},{"id":"c2a9635a-007c-4499-b40b-61d460962563","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":94,"box":{"x":549,"y":433,"width":425,"height":11}},{"id":"685f109d-8bc9-47cc-b74e-df9e08b85d56","block_type":"box","text":"factors, including differences between the securities and other","page_number":94,"box":{"x":549,"y":447,"width":401,"height":11}},{"id":"aee06b33-3d1c-4614-89cd-91bf6ec80bb4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":94,"box":{"x":549,"y":461,"width":381,"height":11}},{"id":"5b1397b1-6bf8-446e-a0dd-25fca4bd5dd9","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":94,"box":{"x":550,"y":476,"width":396,"height":10}},{"id":"1e5454ba-32d7-470c-bb5c-c3963b9a266d","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":94,"box":{"x":549,"y":490,"width":407,"height":10}},{"id":"e810e2f5-17ef-4b72-bb1e-3bf99e134f5d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":94,"box":{"x":549,"y":504,"width":400,"height":11}},{"id":"bf7f8220-66b8-403e-b2ad-f81800feeffd","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":94,"box":{"x":549,"y":518,"width":421,"height":11}},{"id":"46bd8a08-ca28-4896-89e3-689db149a680","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":94,"box":{"x":549,"y":532,"width":374,"height":11}},{"id":"eb76db20-c0cf-4c43-9237-ca44b1d2bf47","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":94,"box":{"x":549,"y":547,"width":370,"height":10}},{"id":"fb0024d9-f3f4-4e64-9e30-1ce3d25942ab","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":94,"box":{"x":549,"y":561,"width":372,"height":11}},{"id":"cb5e960f-3739-4780-aac4-affd8bae74f5","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":94,"box":{"x":549,"y":575,"width":420,"height":11}},{"id":"6e14466e-8045-4db5-8a4c-a5862765a460","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":94,"box":{"x":549,"y":589,"width":387,"height":11}},{"id":"a22ffbb2-4989-44bd-b174-19b6c8f6c864","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":94,"box":{"x":549,"y":603,"width":377,"height":11}},{"id":"270fe369-7a64-4d0e-a87c-4ca4bf35d74d","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":94,"box":{"x":549,"y":617,"width":380,"height":11}},{"id":"ec37e27a-ea19-4b02-a3a4-b19b03ad3bf0","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":94,"box":{"x":549,"y":632,"width":366,"height":10}},{"id":"3741b087-6b2b-4d40-8401-5cf6ac26e6f9","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":94,"box":{"x":549,"y":646,"width":414,"height":11}},{"id":"3c13f6a5-75f8-4fca-811c-f8f76e3fa0d0","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":94,"box":{"x":550,"y":660,"width":386,"height":11}},{"id":"9d290622-b071-4eb3-85f9-2a3fd87a3a11","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":94,"box":{"x":549,"y":703,"width":383,"height":8}},{"id":"ceb37c5e-3fa2-4d62-bddd-5bb5c561fa41","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":94,"box":{"x":549,"y":717,"width":390,"height":11}},{"id":"f76e359a-ecf7-4390-bcb4-22c477441695","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":94,"box":{"x":549,"y":731,"width":299,"height":8}},{"id":"1da6c996-3b50-46b1-a687-e28cc2776c94","block_type":"box","text":"Valuation Risk","page_number":94,"box":{"x":550,"y":754,"width":96,"height":9}},{"id":"89e247bd-1a41-436a-a6d1-e532cc52466c","block_type":"box","text":".","page_number":94,"box":{"x":646,"y":761,"width":2,"height":1}},{"id":"d2c1b4e8-7f3e-4dfb-978d-94a565b24ba3","block_type":"box","text":"The price that the Fund could receive upon the","page_number":94,"box":{"x":653,"y":754,"width":298,"height":11}},{"id":"c2f3d567-798e-41e9-a46b-60824d9e2d5d","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":94,"box":{"x":549,"y":768,"width":408,"height":11}},{"id":"5beeadac-feae-4148-9525-350506a677b4","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":94,"box":{"x":549,"y":782,"width":355,"height":11}},{"id":"68d5e165-d432-40d5-99d8-e957897a0f92","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":94,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"55d95593-6b45-4e62-a33b-afc01d4f8f24","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":94,"box":{"x":549,"y":811,"width":347,"height":11}},{"id":"52907cad-3305-4470-8d25-773828ff7443","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":94,"box":{"x":549,"y":825,"width":418,"height":11}},{"id":"5d89759f-88c5-4d8a-a5c7-c1084e52f572","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":94,"box":{"x":549,"y":839,"width":406,"height":11}},{"id":"618583fc-6fac-4eb8-9449-61179d8f86e1","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":94,"box":{"x":549,"y":853,"width":411,"height":11}},{"id":"8f040060-cdcf-46ce-91c0-4ae6fa8ca844","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":94,"box":{"x":549,"y":868,"width":392,"height":10}},{"id":"c8d783b2-ee34-48f4-beb5-c63205d1b05d","block_type":"box","text":"S-79","page_number":94,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e3feb98e-418c-4c09-be4c-c7011c3dd20d","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":95,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"98fe3f1e-5e3b-402a-9d9a-2ce28c41a36d","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":95,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"236116c7-7200-45a7-9b8a-5ee07d4f13d3","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":95,"box":{"x":82,"y":51,"width":383,"height":11}},{"id":"2c9db1a6-5b2c-40dc-b372-4f74645b2e20","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":95,"box":{"x":83,"y":66,"width":414,"height":11}},{"id":"434527b4-a833-4879-a3b0-5e8d78f26373","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":95,"box":{"x":549,"y":23,"width":392,"height":9}},{"id":"d78100ca-813e-4a8f-a101-65b9234f8281","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":95,"box":{"x":548,"y":37,"width":425,"height":11}},{"id":"d4d71c7f-2b61-4e64-96a2-d3e426ef75bf","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":95,"box":{"x":548,"y":52,"width":400,"height":10}},{"id":"9040df7e-076e-454f-8ce1-7cbdab466bcc","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":95,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"76c5c333-0013-431c-ab28-215f9917458c","block_type":"box","text":"S-80","page_number":95,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bcf8b43f-5c8c-4034-9105-5e28db008356","block_type":"box","text":"Performance Information","page_number":96,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"5c4978fa-3a3b-41fe-9e97-834eae1f21ca","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":96,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"d93e0944-63bd-4c17-85e6-6a0406544067","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":96,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"17df596a-5051-4ed8-8ef2-7e5dbc0d0c14","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":96,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d60d74ec-ae6d-4a99-bc07-a6f2c3a08617","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":96,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"f848b8b8-e0fb-4158-8485-a53c8a6d4a26","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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no","page_number":103,"box":{"x":228,"y":449,"width":694,"height":11}},{"id":"e9e09140-5c6a-4088-8420-69c95a90dde7","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":103,"box":{"x":76,"y":463,"width":880,"height":11}},{"id":"7b64ab0d-f6d7-4339-8ed0-9f7f65495a2d","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. 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These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":103,"box":{"x":76,"y":685,"width":889,"height":11}},{"id":"31349169-5467-4117-97bf-2929f587128a","block_type":"box","text":"exposure to Asia.","page_number":103,"box":{"x":76,"y":699,"width":109,"height":11}},{"id":"7261d065-e330-4cdc-9418-4b8db2b1cd61","block_type":"box","text":"Asset Class Risk.","page_number":103,"box":{"x":76,"y":722,"width":117,"height":9}},{"id":"11888cd3-1cbb-4f41-991f-8b813bb94bb3","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":103,"box":{"x":198,"y":722,"width":706,"height":11}},{"id":"e2d5d6f3-e2b5-4a81-bb1c-d70bbd710fa6","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":103,"box":{"x":76,"y":736,"width":878,"height":11}},{"id":"92ca12fc-98f5-451c-9a7d-833ee21a9d09","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":103,"box":{"x":76,"y":751,"width":869,"height":10}},{"id":"f9488ff2-f619-4be7-a791-a1dbcddca2b1","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":103,"box":{"x":76,"y":765,"width":857,"height":11}},{"id":"e1f673e1-90c0-491c-80d4-426c43184fb7","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":103,"box":{"x":76,"y":779,"width":900,"height":11}},{"id":"f4ac1e6a-8317-4887-9c3f-b1f84aaa5913","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":103,"box":{"x":76,"y":793,"width":512,"height":11}},{"id":"07d62b1d-930d-4986-92df-0137fe74ff55","block_type":"box","text":"Australasian Economic Risk.","page_number":103,"box":{"x":76,"y":816,"width":196,"height":9}},{"id":"93405cd0-8515-447d-a5fc-ea02d153c209","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":103,"box":{"x":277,"y":816,"width":696,"height":11}},{"id":"67799201-6cb5-4fd7-8b22-a1cb124ad75d","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":103,"box":{"x":76,"y":830,"width":903,"height":11}},{"id":"e53bc5c9-dcfa-49cf-8507-66026d0a37cc","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":103,"box":{"x":76,"y":845,"width":857,"height":10}},{"id":"f8e8f45f-d97b-4e06-9c27-7d7459d5cf59","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":103,"box":{"x":76,"y":859,"width":834,"height":11}},{"id":"986179da-fa25-47c2-9d9b-3ad877a512b1","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":103,"box":{"x":76,"y":873,"width":858,"height":11}},{"id":"13cc9a06-35f7-462f-8a0f-3f91a078a96a","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":103,"box":{"x":76,"y":887,"width":813,"height":11}},{"id":"ff292a98-bc61-43e7-a792-7c2d86fb3e16","block_type":"box","text":"6","page_number":103,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"50a62b31-84fd-40bc-9893-acb5fc6cdb0b","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":104,"box":{"x":76,"y":23,"width":898,"height":11}},{"id":"3f3caf80-4ef9-4407-bc9c-bc7464b6937b","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). 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Authorized","page_number":104,"box":{"x":76,"y":131,"width":889,"height":11}},{"id":"0263414e-002c-4dd5-a97f-43a2a5f35acf","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":104,"box":{"x":77,"y":146,"width":885,"height":10}},{"id":"b0444d4e-0168-405c-80d2-45b43f27127a","block_type":"box","text":"trading volume. 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Borrowing may also cause a Fund to liquidate positions when it may","page_number":104,"box":{"x":76,"y":211,"width":890,"height":11}},{"id":"b3edc96b-12f0-4de7-adb4-a3a6a82a2a2f","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":104,"box":{"x":76,"y":226,"width":348,"height":10}},{"id":"e9f07cce-f76a-468c-b786-c62c1072c888","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":104,"box":{"x":76,"y":249,"width":336,"height":8}},{"id":"4ad7e7d8-eadd-4e67-8e8d-a9f601972eff","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":104,"box":{"x":418,"y":249,"width":562,"height":11}},{"id":"002210bb-4957-412d-9422-9826b145acf0","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":104,"box":{"x":76,"y":263,"width":880,"height":11}},{"id":"ca116967-e433-4cb0-9d12-907c157f47ef","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":104,"box":{"x":76,"y":277,"width":881,"height":11}},{"id":"e601e0c3-0cd6-4163-982b-b5d2b722b0c4","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":104,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"7103c162-5f9d-457e-be5a-b9ecac4127ca","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":104,"box":{"x":76,"y":305,"width":889,"height":11}},{"id":"16781060-186b-45e0-9db3-58398a9e61c2","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":104,"box":{"x":76,"y":320,"width":903,"height":10}},{"id":"29849942-a2e7-4753-9a91-8a966703073e","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":104,"box":{"x":76,"y":334,"width":231,"height":8}},{"id":"5ce2a906-4be6-4f8f-9f3c-bb57fdb90bea","block_type":"box","text":"Communications Companies Risk.","page_number":104,"box":{"x":76,"y":357,"width":236,"height":11}},{"id":"2b0fa626-beab-4fe7-be7f-aed7a2ea94cc","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":104,"box":{"x":317,"y":357,"width":633,"height":11}},{"id":"a0d18014-f38e-405b-8a69-9ffb06d3fa9e","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":104,"box":{"x":76,"y":371,"width":863,"height":11}},{"id":"4653b311-f8b7-46d7-a176-051ad2c00f2c","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":104,"box":{"x":76,"y":385,"width":897,"height":11}},{"id":"1f56801c-1a52-4b93-8e1e-dc4cdb9a094a","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":104,"box":{"x":76,"y":400,"width":868,"height":10}},{"id":"aa65cd25-e499-4626-aa7c-750f5708f9eb","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":104,"box":{"x":76,"y":414,"width":881,"height":11}},{"id":"8652facf-5996-48b2-a1ad-ee52a3e92cbc","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":104,"box":{"x":76,"y":428,"width":694,"height":11}},{"id":"77e0e1a9-ca47-4320-9253-d4bc403e2e43","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":104,"box":{"x":76,"y":451,"width":880,"height":11}},{"id":"8b63c45b-9ed6-4c87-bca5-e35f24062025","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":104,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"6a8aa3e7-22be-44ce-81a2-d5c8f107c6be","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":104,"box":{"x":76,"y":479,"width":898,"height":11}},{"id":"b488170f-2505-4836-b3eb-ef676a4ae5d9","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":104,"box":{"x":76,"y":494,"width":805,"height":11}},{"id":"19fa4da4-fa2b-466d-b530-56dda896b9ab","block_type":"box","text":"Concentration Risk.","page_number":104,"box":{"x":76,"y":517,"width":136,"height":8}},{"id":"53a50cf8-f9ab-4fa7-a830-5ab5d2346748","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":104,"box":{"x":217,"y":517,"width":744,"height":11}},{"id":"5ede0e30-e8b6-45c0-be2b-2d53afade783","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":104,"box":{"x":76,"y":531,"width":903,"height":10}},{"id":"9fc92758-3a6b-4105-b2a0-2a90bd17e850","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":104,"box":{"x":76,"y":545,"width":853,"height":11}},{"id":"cb42fb9b-a86a-446b-af78-f198c1630518","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":104,"box":{"x":76,"y":559,"width":897,"height":11}},{"id":"7b12e73c-e984-4d3a-92cf-0a0ad8843fd3","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":104,"box":{"x":76,"y":574,"width":905,"height":10}},{"id":"385aa618-5b9a-4ffe-ae02-a982b2f6c096","block_type":"box","text":"its investments.","page_number":104,"box":{"x":76,"y":588,"width":100,"height":8}},{"id":"576b8a88-ed31-4e83-beff-8278daf60322","block_type":"box","text":"Consumer Goods and Services Com","page_number":104,"box":{"x":76,"y":611,"width":247,"height":8}},{"id":"0cb05086-1c0c-41b5-85c2-418584cfe932","block_type":"box","text":"panies Risk.","page_number":104,"box":{"x":325,"y":611,"width":83,"height":11}},{"id":"6b7d8a27-d0c4-452b-bb28-bd01d5ffa2f9","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":104,"box":{"x":414,"y":611,"width":561,"height":11}},{"id":"9e207371-5c79-49d0-8ff3-a927896bc28f","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":104,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"e9af6f02-686f-4ff5-bc98-6b603d19fbcf","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":104,"box":{"x":76,"y":639,"width":860,"height":11}},{"id":"ca2fd7b3-4d52-4be2-b61a-f7c541efac67","block_type":"box","text":"adverse impact on consumer companies.","page_number":104,"box":{"x":76,"y":654,"width":262,"height":10}},{"id":"d0280435-4fb4-4869-924d-e2f595540b61","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":104,"box":{"x":76,"y":677,"width":849,"height":11}},{"id":"6b28b742-2a45-4deb-98de-42a882ceec16","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":104,"box":{"x":76,"y":691,"width":883,"height":11}},{"id":"44c8e442-01c5-4db4-b84b-138a72511379","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":104,"box":{"x":76,"y":705,"width":856,"height":11}},{"id":"c018d9b7-acbe-4fa3-b092-a8b9e15dbe9e","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":104,"box":{"x":76,"y":719,"width":561,"height":11}},{"id":"06afcbf6-ed19-4627-96db-e8217e8a1039","block_type":"box","text":"Currency Risk.","page_number":104,"box":{"x":76,"y":742,"width":100,"height":11}},{"id":"2b2a8bc9-84d7-468a-b3b9-8492b75eac54","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":104,"box":{"x":182,"y":742,"width":782,"height":11}},{"id":"0c803fcc-0a39-4a58-a14b-74f023ec92e0","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":104,"box":{"x":77,"y":757,"width":871,"height":10}},{"id":"317def08-cbd1-40f5-86f3-83e1ddbe30ec","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":104,"box":{"x":76,"y":771,"width":867,"height":11}},{"id":"47423148-c4da-4202-a315-bf00abf892e6","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":104,"box":{"x":76,"y":785,"width":892,"height":11}},{"id":"40e43a29-6143-4fbb-ae7d-bf5cae4cda13","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":104,"box":{"x":76,"y":799,"width":470,"height":11}},{"id":"b2e97124-a871-4d3d-bd8e-84e13f931d63","block_type":"box","text":"Custody Risk.","page_number":104,"box":{"x":76,"y":822,"width":94,"height":11}},{"id":"d7a28436-7aec-403e-951b-2f20466665d4","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":104,"box":{"x":175,"y":822,"width":780,"height":11}},{"id":"cbc40563-c841-4d9e-863c-7258fe55849f","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":104,"box":{"x":76,"y":837,"width":853,"height":10}},{"id":"2ca75b16-35ed-4712-b010-5a29ef5e2b9b","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":104,"box":{"x":76,"y":851,"width":893,"height":11}},{"id":"299fb4ea-a6a2-4d74-9980-58a00d993b28","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":104,"box":{"x":76,"y":865,"width":822,"height":11}},{"id":"9271ce9f-70ca-4a8d-a66c-9bf3ee20fe52","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":104,"box":{"x":76,"y":879,"width":905,"height":11}},{"id":"3d8cbe9b-3c1d-4f12-adf2-dfe6faba06f9","block_type":"box","text":"7","page_number":104,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9ad41c7d-4bb9-4ce6-a1a4-3a753a2adb1c","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":105,"box":{"x":76,"y":23,"width":850,"height":11}},{"id":"f6e2302e-82fd-4464-a3e5-4e695f10937a","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":105,"box":{"x":76,"y":37,"width":453,"height":11}},{"id":"1545e03d-3fd8-4432-8b00-cb97c832c772","block_type":"box","text":"Energy Companies Risk.","page_number":105,"box":{"x":77,"y":61,"width":165,"height":10}},{"id":"0618e0af-5f7e-4ce3-a2b7-fb5192e8ffcd","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":105,"box":{"x":247,"y":61,"width":695,"height":10}},{"id":"836d8791-3368-4999-b364-2548cab4b663","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":105,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"004fc760-10a4-455d-8f05-9a6533bd57c1","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":105,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"45b38ece-6b89-40a4-a89a-9c5b8d6a2a57","block_type":"box","text":"s","page_number":105,"box":{"x":976,"y":91,"width":6,"height":6}},{"id":"12f06735-d1a8-45bb-a531-6c5c918a83a7","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":105,"box":{"x":76,"y":103,"width":880,"height":11}},{"id":"2c37a750-da56-436b-898d-513443cb20fc","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":105,"box":{"x":77,"y":117,"width":866,"height":11}},{"id":"28da7aca-168a-4413-84bc-c99311bc6eca","block_type":"box","text":"energy companies.","page_number":105,"box":{"x":76,"y":131,"width":120,"height":11}},{"id":"5c351174-b1d3-444a-824c-be3e245ad4e2","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":105,"box":{"x":77,"y":155,"width":892,"height":10}},{"id":"6384ab1d-bf51-4f72-b521-e763782be414","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":105,"box":{"x":76,"y":169,"width":878,"height":11}},{"id":"04ca6d5a-c889-42f0-b975-b77eba827b22","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":105,"box":{"x":76,"y":183,"width":885,"height":11}},{"id":"db6a9e1c-7109-44ec-8897-0c1262ac0c4f","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":105,"box":{"x":77,"y":197,"width":866,"height":11}},{"id":"97530b89-3352-4a76-bb8c-6e8de2316c05","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":105,"box":{"x":76,"y":211,"width":883,"height":11}},{"id":"75d26048-dcae-4784-8469-cebccb30ea3c","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":105,"box":{"x":76,"y":226,"width":800,"height":10}},{"id":"32765b07-d1e7-4d7f-84cf-aed9ce69ceb3","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":105,"box":{"x":76,"y":249,"width":837,"height":11}},{"id":"fb2a1ab1-2b9e-4808-b927-50acb2076fe3","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":105,"box":{"x":76,"y":263,"width":882,"height":11}},{"id":"29f52a7f-c289-4cd3-88fa-777bf4baeefe","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":105,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"a248d7ef-378f-4f8f-aa08-05c4ebf22f16","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":105,"box":{"x":76,"y":291,"width":860,"height":11}},{"id":"160c888f-c8a5-45f8-b3db-695585086ee1","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":105,"box":{"x":76,"y":305,"width":868,"height":11}},{"id":"598bf425-d7ac-4bc2-bfce-cbfd6bffd503","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":105,"box":{"x":76,"y":320,"width":867,"height":10}},{"id":"4e1fe9e5-3621-44ba-809a-15e981289941","block_type":"box","text":"Equity Securities Risk.","page_number":105,"box":{"x":77,"y":343,"width":154,"height":11}},{"id":"35f9300a-0bfa-452f-8ebf-9942ec48dbd6","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":105,"box":{"x":237,"y":343,"width":732,"height":11}},{"id":"a27dc97f-8242-43d9-93c2-83e368ce0fa0","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":105,"box":{"x":76,"y":357,"width":877,"height":11}},{"id":"6fdccca2-64bb-4060-a0c9-03febe258e1f","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":105,"box":{"x":76,"y":371,"width":905,"height":11}},{"id":"6c7ffdc3-b70f-429c-a0b1-cd5cee5e2258","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":105,"box":{"x":76,"y":385,"width":875,"height":11}},{"id":"01364f2a-3a17-453a-b4c2-a61516725011","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":105,"box":{"x":76,"y":400,"width":812,"height":10}},{"id":"d84f0e76-8e0a-4212-a186-1c6ddb8976c9","block_type":"box","text":"ESG Risk.","page_number":105,"box":{"x":77,"y":423,"width":64,"height":8}},{"id":"80000ad1-8d44-4f20-b9e9-09990d5743c8","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":105,"box":{"x":146,"y":423,"width":836,"height":11}},{"id":"71320422-a496-44da-8f38-7f9399405259","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":105,"box":{"x":76,"y":437,"width":888,"height":11}},{"id":"494ce903-4999-4d4d-9d29-34f01c03e950","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":105,"box":{"x":76,"y":451,"width":846,"height":11}},{"id":"828441c7-2e15-4fc2-aca3-15ae6ef83d8d","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":105,"box":{"x":76,"y":465,"width":901,"height":11}},{"id":"5d1bea50-ee88-447f-854c-1c4a6ebee7bb","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":105,"box":{"x":76,"y":479,"width":869,"height":11}},{"id":"52df1d26-0273-4c34-bee0-e98807c072b5","block_type":"box","text":"Index.","page_number":105,"box":{"x":77,"y":494,"width":36,"height":8}},{"id":"b4c1347b-b110-484a-b846-a10115c716e0","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":105,"box":{"x":76,"y":517,"width":903,"height":11}},{"id":"bfd1dd0a-473d-4db6-ba21-69ec29832d2b","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":105,"box":{"x":76,"y":531,"width":869,"height":11}},{"id":"2d831888-e896-4784-ac82-1c5738d32fa0","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":105,"box":{"x":76,"y":545,"width":857,"height":11}},{"id":"58a79923-e586-4c40-8185-b35d6d467ce5","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":105,"box":{"x":77,"y":559,"width":867,"height":11}},{"id":"68830a25-1d09-44cf-b3f8-b7c77300013f","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":105,"box":{"x":77,"y":574,"width":898,"height":10}},{"id":"f4377c42-8152-4a27-9ca7-05e6f9258a1c","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":105,"box":{"x":76,"y":588,"width":875,"height":11}},{"id":"ae182d0a-204a-41c1-bfc3-96afdff66022","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":105,"box":{"x":77,"y":602,"width":871,"height":11}},{"id":"774196f3-cd49-4299-b991-47d01dd40326","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":105,"box":{"x":76,"y":616,"width":903,"height":11}},{"id":"752f0e94-c1fa-40d1-b33c-4acfd8f39902","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":105,"box":{"x":76,"y":630,"width":872,"height":11}},{"id":"45adb618-dae2-495c-9305-f132128f462a","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":105,"box":{"x":76,"y":644,"width":868,"height":11}},{"id":"bb4cd0fc-b84c-4cd3-8fda-c5a6f50df9c8","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":105,"box":{"x":76,"y":659,"width":900,"height":10}},{"id":"b18ff9e7-a63e-4395-b898-78aedbf66f65","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":105,"box":{"x":76,"y":673,"width":286,"height":8}},{"id":"6d524f20-bf7e-4cca-8dea-1fc23fb23f64","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":105,"box":{"x":76,"y":696,"width":844,"height":11}},{"id":"443332f4-77ed-47e9-92fe-d5fd1da00ac7","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":105,"box":{"x":76,"y":710,"width":895,"height":11}},{"id":"788a5187-ed66-48e8-b797-0aab1a2c81b0","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":105,"box":{"x":77,"y":724,"width":446,"height":11}},{"id":"a464592f-c78a-47b7-abfa-6c35b9c2a1df","block_type":"box","text":"European Economic Risk.","page_number":105,"box":{"x":77,"y":748,"width":174,"height":10}},{"id":"19e020ea-98a3-4fec-8d62-4128fd09c3a9","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":105,"box":{"x":256,"y":748,"width":704,"height":10}},{"id":"f581f2af-7f4a-4aac-b37e-fd495ea23fbe","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":105,"box":{"x":76,"y":762,"width":893,"height":11}},{"id":"fec06ba8-6698-42cc-8cb7-6bfa28678239","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":105,"box":{"x":76,"y":776,"width":899,"height":11}},{"id":"14681de3-11e0-4af2-817e-3cf6bf24410d","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":105,"box":{"x":77,"y":790,"width":888,"height":11}},{"id":"9f27034c-1a52-4a9c-a17a-2f01d837500e","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":105,"box":{"x":77,"y":804,"width":879,"height":11}},{"id":"31ed3f3c-b457-4e3e-9908-a6a94f6f5aed","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":105,"box":{"x":76,"y":819,"width":887,"height":10}},{"id":"921b1db2-07de-4e11-b864-3aab59e0f3a0","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":105,"box":{"x":76,"y":833,"width":874,"height":11}},{"id":"6bd6c4ea-800c-4772-ba58-fb3d9c2a426d","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":105,"box":{"x":76,"y":847,"width":889,"height":11}},{"id":"984160a2-fa53-4305-8497-6e2c28d2895a","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":105,"box":{"x":76,"y":861,"width":899,"height":11}},{"id":"b9bde776-3cb9-4997-8986-5298d10242e4","block_type":"box","text":"8","page_number":105,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"fc4be975-d206-4cd0-863f-9eed571cceb6","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":106,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"8db4e1d3-e0eb-48a5-969b-aa5a1e85e93f","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":106,"box":{"x":76,"y":37,"width":857,"height":11}},{"id":"46ff903b-9b1c-473d-bad6-c755b1cad336","block_type":"box","text":"countries.","page_number":106,"box":{"x":76,"y":52,"width":63,"height":8}},{"id":"d3d15453-27b2-467a-a6ef-e9fdf2502e17","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":106,"box":{"x":77,"y":75,"width":878,"height":11}},{"id":"ae92395f-c911-4d51-9cfc-521ff21cfce2","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":106,"box":{"x":76,"y":89,"width":858,"height":11}},{"id":"4cd6f2c3-07e4-4177-98ef-6ff45e627bac","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":106,"box":{"x":76,"y":103,"width":882,"height":11}},{"id":"18b3ed2e-be23-4ef7-976f-dabf6d2dbe57","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":106,"box":{"x":76,"y":117,"width":859,"height":11}},{"id":"13ad713e-259a-4503-a460-dbec6852c0d0","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":106,"box":{"x":76,"y":131,"width":866,"height":11}},{"id":"8227567f-b2db-4b7b-8ab8-b1c42f88a099","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":106,"box":{"x":77,"y":146,"width":894,"height":10}},{"id":"6efd468b-5330-4710-a485-6516744d6da6","block_type":"box","text":"l","page_number":106,"box":{"x":973,"y":146,"width":1,"height":8}},{"id":"31ee4bc8-f773-49a5-beb7-d4f223068181","block_type":"box","text":"markets.","page_number":106,"box":{"x":76,"y":160,"width":55,"height":8}},{"id":"084f03ea-c080-43f1-a90d-b771a8a3478f","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":106,"box":{"x":76,"y":183,"width":880,"height":11}},{"id":"97dfd56b-9ad5-4230-bb2b-dfefce43441b","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":106,"box":{"x":76,"y":197,"width":896,"height":11}},{"id":"c4a61560-be50-403e-b884-4513292cf907","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":106,"box":{"x":76,"y":211,"width":845,"height":11}},{"id":"bfa5a41f-543b-48a9-bd16-8507bd0dcf6c","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":106,"box":{"x":76,"y":226,"width":871,"height":10}},{"id":"50f050d8-2594-4371-a447-5d74a5c7225b","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":106,"box":{"x":76,"y":240,"width":872,"height":11}},{"id":"205117fc-2221-46f4-b3f5-ac52ab44b740","block_type":"box","text":"investments.","page_number":106,"box":{"x":76,"y":254,"width":81,"height":8}},{"id":"4c73c3d9-11a8-4763-bc2d-d69c75e7bd38","block_type":"box","text":"Russian Invasion of Ukraine","page_number":106,"box":{"x":76,"y":277,"width":172,"height":9}},{"id":"596ec5d3-c31d-42ef-954f-d5de8abb88bd","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":106,"box":{"x":250,"y":277,"width":720,"height":11}},{"id":"5b7826df-b6bb-430d-b1af-7f89c5aa31af","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":106,"box":{"x":76,"y":291,"width":893,"height":11}},{"id":"eef48911-b66c-4dd1-adca-63412f388af7","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":106,"box":{"x":76,"y":305,"width":887,"height":11}},{"id":"59830c2d-4c76-438b-9dee-c873014d094d","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":106,"box":{"x":76,"y":320,"width":886,"height":10}},{"id":"50e3fe9f-4120-4d5d-affa-5f6b3d10c81f","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":106,"box":{"x":76,"y":334,"width":894,"height":11}},{"id":"3eb17cea-bca8-4aa2-812a-00e75aab6009","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":106,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"d9c3bd6e-510c-4a96-9b84-e3b3fe0c5054","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":106,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"942cf9ff-b3ce-42a8-8000-255c67a692df","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":106,"box":{"x":76,"y":376,"width":892,"height":11}},{"id":"54da8b08-5edc-4b60-a11c-4ccf0d9657a6","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":106,"box":{"x":77,"y":391,"width":431,"height":10}},{"id":"f45f1251-3f42-4b97-9d40-ed5f4e563407","block_type":"box","text":"Financial Companies Risk.","page_number":106,"box":{"x":77,"y":414,"width":180,"height":10}},{"id":"1e367729-93d2-45ee-b372-1e034478a19c","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":106,"box":{"x":263,"y":414,"width":689,"height":11}},{"id":"7441ea5d-0e12-46db-a6f3-84329e76f3db","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":106,"box":{"x":76,"y":428,"width":892,"height":11}},{"id":"20c9c467-ae91-4633-9a06-d6b2986f8280","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":106,"box":{"x":76,"y":442,"width":891,"height":11}},{"id":"39f6e91e-4185-481e-b9a4-bf99173c0c23","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":106,"box":{"x":76,"y":456,"width":888,"height":11}},{"id":"38e1b047-1e78-4ace-9665-d931adaf98e0","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":106,"box":{"x":77,"y":470,"width":870,"height":11}},{"id":"75536990-97bf-40d1-9587-1d9da1370f0a","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":106,"box":{"x":77,"y":485,"width":766,"height":10}},{"id":"429ed14e-509d-4455-8096-bfb9199464fb","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":106,"box":{"x":77,"y":508,"width":890,"height":11}},{"id":"5f020cd1-e5f6-4b1b-8b8b-2ad3e4241da6","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":106,"box":{"x":76,"y":522,"width":848,"height":11}},{"id":"6fa6e059-aa02-42fe-9763-f66412523702","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":106,"box":{"x":76,"y":536,"width":884,"height":11}},{"id":"bbe29abb-e98b-4aec-bd07-0324c72c73e5","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":106,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"189e51c8-8158-4e55-a1fa-7955f9220b54","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":106,"box":{"x":76,"y":565,"width":856,"height":10}},{"id":"dffbb990-4605-4333-a97e-3ef0bd3feb2b","block_type":"box","text":"financial sector generally.","page_number":106,"box":{"x":76,"y":579,"width":162,"height":11}},{"id":"b9ab0ed1-dfee-4b7d-a599-ed2eb2c4e786","block_type":"box","text":"Geographic and Security Risks.","page_number":106,"box":{"x":76,"y":602,"width":216,"height":11}},{"id":"8029e4f9-6f3b-4bae-8604-f59ecc8a30f1","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":106,"box":{"x":298,"y":602,"width":668,"height":11}},{"id":"3f0ca55c-b301-42c2-a731-4ae8c8408998","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":106,"box":{"x":76,"y":616,"width":885,"height":11}},{"id":"c964cb92-c179-4644-bbb4-7cbe9972f71e","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":106,"box":{"x":76,"y":630,"width":840,"height":11}},{"id":"684ca057-7354-4343-9c9b-728fac4c6c90","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":106,"box":{"x":76,"y":644,"width":845,"height":11}},{"id":"95735aae-5463-4f24-8f64-98af690ea42c","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":106,"box":{"x":76,"y":659,"width":570,"height":10}},{"id":"d6954659-18f5-4d8a-9eae-d6b763ef96a1","block_type":"box","text":"Growth Securities Risk.","page_number":106,"box":{"x":76,"y":682,"width":162,"height":8}},{"id":"12a2f678-012c-4e66-86aa-cb64c4395fc5","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be greater than the","page_number":106,"box":{"x":244,"y":682,"width":727,"height":11}},{"id":"103c7212-37be-444a-a859-1336f29b6847","block_type":"box","text":"market in general and whose revenue growth is expected to continue for an extended period of time. Growth securities may trade at higher","page_number":106,"box":{"x":76,"y":696,"width":891,"height":11}},{"id":"b6d17487-fdd4-4323-b4ff-376364fd87b9","block_type":"box","text":"multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in market","page_number":106,"box":{"x":76,"y":710,"width":876,"height":11}},{"id":"42c55fbc-ddba-4022-a19a-4eda2d9ba18e","block_type":"box","text":"value. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly","page_number":106,"box":{"x":76,"y":724,"width":899,"height":11}},{"id":"1a59901a-1935-4087-b9b6-5648996ef224","block_type":"box","text":"in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock","page_number":106,"box":{"x":76,"y":739,"width":870,"height":10}},{"id":"01f72f50-4bce-4b28-9f77-bd51a11cfa34","block_type":"box","text":"market. Under certain market conditions, growth securities have performed better during the later stages of economic recovery, although","page_number":106,"box":{"x":76,"y":753,"width":881,"height":11}},{"id":"48096b74-cc9a-4af1-85bb-195c4b093fb4","block_type":"box","text":"there is no assurance that they will continue to do so. Growth securities typically do not pay a dividend, which can help cushion stock prices","page_number":106,"box":{"x":76,"y":767,"width":896,"height":11}},{"id":"215f4b78-389c-4a10-860e-2f36f4f70baa","block_type":"box","text":"in market downturns and reduce potential losses. Growth securities may go in and out of favor over time, which could affect the performance","page_number":106,"box":{"x":76,"y":781,"width":904,"height":11}},{"id":"e1842891-4a6e-414f-930c-c3bc3cf41afa","block_type":"box","text":"of a Fund with such holdings.","page_number":106,"box":{"x":76,"y":795,"width":185,"height":11}},{"id":"3c5ab8f6-3fcd-44c1-915c-5a767358758a","block_type":"box","text":"Healthcare Companies Risk.","page_number":106,"box":{"x":77,"y":819,"width":194,"height":10}},{"id":"b665107e-c9dc-4e4a-baeb-012df446c1a6","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":106,"box":{"x":276,"y":819,"width":688,"height":10}},{"id":"da7d85d1-48be-40a9-bd3c-491726f15147","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":106,"box":{"x":76,"y":833,"width":879,"height":11}},{"id":"4a4695fa-18e2-4718-a9f4-cb445b24e1fc","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":106,"box":{"x":76,"y":847,"width":899,"height":11}},{"id":"07ce7fa9-8def-411b-a91f-65a581ed257d","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":106,"box":{"x":76,"y":861,"width":888,"height":11}},{"id":"49925846-5dc5-452f-9e4f-3698a704e8d9","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":106,"box":{"x":76,"y":875,"width":891,"height":11}},{"id":"a40b1329-27c1-4efa-90a9-d3ba0d395f6c","block_type":"box","text":"9","page_number":106,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"3fc668fd-1b7f-485d-8010-e7af9c12644f","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":107,"box":{"x":76,"y":23,"width":882,"height":11}},{"id":"408fc923-a351-4c44-8cf1-71951777a6d5","block_type":"box","text":"product liability and similar claims.","page_number":107,"box":{"x":76,"y":37,"width":221,"height":11}},{"id":"021a7fda-b526-4003-aa9d-3fe0f4d9f395","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":107,"box":{"x":77,"y":60,"width":199,"height":11}},{"id":"3e3b016e-3590-4814-a34c-110dc1ae2fb7","block_type":"box","text":"The sale and purchase of securities and other assets in a Fund’s portfolio generally involve transaction costs","page_number":107,"box":{"x":281,"y":61,"width":694,"height":10}},{"id":"be4654e4-3c80-4ee2-98d2-66ee27e5c20d","block_type":"box","text":"to the Fund (","page_number":107,"box":{"x":76,"y":75,"width":81,"height":10}},{"id":"6f36987d-1f30-4907-81d3-7b016b56c08a","block_type":"box","text":"e.g","page_number":107,"box":{"x":158,"y":77,"width":19,"height":9}},{"id":"bcd2e80f-6d0c-48d5-89fa-c4283ab2ec0d","block_type":"box","text":"., brokerage commissions, dealer mark-ups). Higher portfolio turnover may cause the Fund to incur additional transaction","page_number":107,"box":{"x":177,"y":75,"width":777,"height":11}},{"id":"13814a1f-8511-4e88-8534-0db95f914e9a","block_type":"box","text":"costs, which have the effect of reducing the Fund’s investment return. In addition, greater frequency in the sale of securities or other assets","page_number":107,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"f3d2c114-d894-4a8b-af5c-61489ee266b2","block_type":"box","text":"may result in the realization or distribution to Fund shareholders of greater capital gains (including short-term gains) compared to a fund with","page_number":107,"box":{"x":76,"y":103,"width":903,"height":11}},{"id":"378069b5-4911-438c-b706-e1af87e69a93","block_type":"box","text":"less turnover. These effects of high portfolio turnover may adversely affect a Fund’s performance and could result in undesirable tax","page_number":107,"box":{"x":77,"y":117,"width":844,"height":11}},{"id":"eebf202c-0f87-4274-a45f-f2f97ab78772","block_type":"box","text":"consequences for shareholders. Certain investment strategies (","page_number":107,"box":{"x":76,"y":131,"width":407,"height":11}},{"id":"15baed3d-092c-4fc8-bd28-a4d19bff902e","block_type":"box","text":"e.g","page_number":107,"box":{"x":484,"y":134,"width":19,"height":8}},{"id":"345b7659-3185-4e6e-9260-765dd1639ac8","block_type":"box","text":"., active management, investing in dollar rolls or to-be-announced","page_number":107,"box":{"x":503,"y":131,"width":419,"height":11}},{"id":"2450ae5a-c23a-4037-aa4d-0e17c9aaf065","block_type":"box","text":"mortgage trades) and volatile market conditions may be more likely to involve higher portfolio turnover.","page_number":107,"box":{"x":76,"y":146,"width":661,"height":10}},{"id":"b37bcb6f-6726-4963-be53-ba6385c1366c","block_type":"box","text":"Illiquid Investments Risk.","page_number":107,"box":{"x":77,"y":169,"width":174,"height":11}},{"id":"2e984609-2438-451f-a96a-8513ce147c62","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":107,"box":{"x":256,"y":169,"width":719,"height":11}},{"id":"a3d65908-9f78-4895-ac0a-9d493972af80","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":107,"box":{"x":76,"y":183,"width":883,"height":11}},{"id":"25e9c8dc-1368-468b-8b0e-81271199db28","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":107,"box":{"x":76,"y":197,"width":885,"height":11}},{"id":"1ed7826c-2fb7-462e-b833-0a76a196a648","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":107,"box":{"x":76,"y":211,"width":902,"height":11}},{"id":"22894fad-1980-4150-8b5e-08f4261ad247","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":107,"box":{"x":76,"y":226,"width":890,"height":10}},{"id":"4b535c92-50ae-4476-9b1b-f4c99c5f6be2","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":107,"box":{"x":77,"y":240,"width":751,"height":11}},{"id":"2f6a6a0c-f50c-4f3e-aad4-4a26bb6c709f","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":107,"box":{"x":77,"y":263,"width":884,"height":11}},{"id":"29f325aa-3c00-4c33-827e-8f2bcebd15e3","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":107,"box":{"x":76,"y":277,"width":900,"height":11}},{"id":"ebb661f1-49cb-4e0b-9d48-61cf674084e5","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":107,"box":{"x":76,"y":291,"width":867,"height":11}},{"id":"1b87057e-cd76-490b-8bb1-d37f16d0a7e0","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":107,"box":{"x":77,"y":314,"width":900,"height":11}},{"id":"f2393c67-4e9c-49ea-a1b0-46aa7a7f994a","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":107,"box":{"x":76,"y":329,"width":890,"height":10}},{"id":"f15df3a9-7bd7-4ff2-9e48-640400c4ade4","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":107,"box":{"x":76,"y":343,"width":828,"height":11}},{"id":"ddd04a44-a604-44cd-b797-2375bb903d70","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":107,"box":{"x":77,"y":357,"width":873,"height":11}},{"id":"f63a0550-4209-4f6c-84f0-da164ccb5fd8","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":107,"box":{"x":77,"y":371,"width":887,"height":11}},{"id":"493ceab9-f3bd-4326-a377-6c6058ed0bc6","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":107,"box":{"x":77,"y":385,"width":896,"height":11}},{"id":"3f1081a7-4d06-471f-ac92-844e9c33f09a","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":107,"box":{"x":76,"y":400,"width":869,"height":10}},{"id":"2d5d8cc5-7f3e-4745-9e3a-521d0edd02e0","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":107,"box":{"x":77,"y":414,"width":886,"height":11}},{"id":"6a571273-16ef-41db-8c84-fb1e688fc31b","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":107,"box":{"x":77,"y":428,"width":858,"height":11}},{"id":"4502b60e-8aff-470a-a451-a79b79fb8e77","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":107,"box":{"x":76,"y":442,"width":254,"height":11}},{"id":"94685fc3-5d7a-4eb3-8717-871f57e86e6c","block_type":"box","text":"Index-Related Risk.","page_number":107,"box":{"x":77,"y":465,"width":132,"height":9}},{"id":"6dece0ec-d49a-4a7c-9427-930c0a3699db","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":107,"box":{"x":214,"y":465,"width":728,"height":11}},{"id":"3a875f2e-738f-4730-b728-3d56cd454f12","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":107,"box":{"x":76,"y":479,"width":869,"height":11}},{"id":"47e47ace-6007-43a6-bc97-1ddc6eb33572","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":107,"box":{"x":77,"y":494,"width":872,"height":11}},{"id":"6f1a5592-ff08-4ffc-af95-685b80286873","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":107,"box":{"x":77,"y":508,"width":862,"height":11}},{"id":"7d04c8cf-1ced-416c-a8fa-22c0664fba19","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":107,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"353edb73-ebbe-480d-b8c4-b4fe058f57ae","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":107,"box":{"x":76,"y":536,"width":881,"height":11}},{"id":"a341ba92-003a-4c86-a08f-adf38c8400fc","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":107,"box":{"x":76,"y":559,"width":852,"height":11}},{"id":"e3df196b-605d-4225-9bb9-bc7af99c429b","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":107,"box":{"x":76,"y":574,"width":850,"height":10}},{"id":"e519e2ed-ed3c-4953-80c7-7114042d06d3","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":107,"box":{"x":76,"y":588,"width":877,"height":11}},{"id":"5cffce23-a3b6-4066-86ba-7585270da4b0","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":107,"box":{"x":76,"y":602,"width":906,"height":11}},{"id":"4675c9ee-c694-452e-9ccf-b355f3733572","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":107,"box":{"x":76,"y":616,"width":904,"height":11}},{"id":"952e3ad2-a9e1-42d2-8ea1-3e0ac37def9c","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":107,"box":{"x":76,"y":630,"width":894,"height":11}},{"id":"5ca79cd2-59a2-40c0-be9a-30bcd47f7f90","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":107,"box":{"x":76,"y":644,"width":877,"height":11}},{"id":"2df72668-fd54-4253-81df-729f0def94ab","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":107,"box":{"x":76,"y":659,"width":881,"height":11}},{"id":"8e6fc356-76d5-4d2c-9dc4-151893ad7dcd","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":107,"box":{"x":76,"y":673,"width":844,"height":11}},{"id":"8bfacab5-308b-4ff1-95a5-df534dbeacc7","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":107,"box":{"x":77,"y":687,"width":879,"height":11}},{"id":"b33e1797-b966-4615-9e25-ad6cd7ed2ef5","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":107,"box":{"x":76,"y":701,"width":340,"height":11}},{"id":"4fce9f64-0743-4b15-9dae-fa1a3fdc08fc","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":107,"box":{"x":77,"y":724,"width":857,"height":11}},{"id":"e80aab7c-10fb-42ec-85f8-8ba142d2c9c7","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":107,"box":{"x":77,"y":739,"width":880,"height":10}},{"id":"c39d6c8d-8cf9-4de6-890b-305248541511","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":107,"box":{"x":76,"y":753,"width":902,"height":11}},{"id":"fa7c7057-fcb7-49a7-8c8e-d9f891df8cb6","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":107,"box":{"x":76,"y":767,"width":905,"height":11}},{"id":"552f76fd-08ea-44ef-b8c4-b4c66968e552","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":107,"box":{"x":76,"y":781,"width":889,"height":11}},{"id":"0fccc12f-0ace-4498-8919-7239b86b9e17","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":107,"box":{"x":76,"y":795,"width":890,"height":11}},{"id":"2e2750c8-8b81-4cd6-a921-9579dac29577","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":107,"box":{"x":76,"y":809,"width":723,"height":11}},{"id":"77d6d14d-48c8-472e-ac00-eccc243e0c85","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":107,"box":{"x":77,"y":833,"width":899,"height":11}},{"id":"d008066f-aad0-40a2-b05a-517ae8ad0c94","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":107,"box":{"x":76,"y":847,"width":876,"height":11}},{"id":"fff926a3-86f5-4f6f-a19e-bbed39da4a14","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":107,"box":{"x":76,"y":861,"width":865,"height":11}},{"id":"6b27b88a-a3b3-4968-8996-bf5288b4e2b0","block_type":"box","text":"10","page_number":107,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4be8eed9-2de1-47aa-9094-d260711c4f1a","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":108,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"e5efca4b-a19d-4657-88e3-b19da5eea19e","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":108,"box":{"x":76,"y":37,"width":213,"height":11}},{"id":"15ea9f8b-8a5a-469e-a934-525be176d000","block_type":"box","text":"Industrial Companies Risk.","page_number":108,"box":{"x":77,"y":61,"width":184,"height":10}},{"id":"1485e025-6376-425c-9fed-48bb454260c5","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":108,"box":{"x":267,"y":61,"width":673,"height":10}},{"id":"f2f8821e-109a-4e41-acb4-82c3f3f022ce","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":108,"box":{"x":76,"y":75,"width":889,"height":11}},{"id":"0ed4bd48-d114-40c4-942d-edc6ce9f1659","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":108,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"bae4ef0c-bf1f-4e20-b29b-e9cd9360c2d8","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":108,"box":{"x":76,"y":103,"width":873,"height":11}},{"id":"b031bca7-d658-4c4e-9b8b-7b1434e5a95f","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":108,"box":{"x":76,"y":117,"width":902,"height":11}},{"id":"92968b8c-e6fb-4b0d-9d83-6e8315c79de0","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":108,"box":{"x":76,"y":131,"width":872,"height":11}},{"id":"895a7c72-820d-4cc1-bf4a-3801c384484e","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":108,"box":{"x":77,"y":146,"width":881,"height":10}},{"id":"3a50b9d4-880d-45fa-a4ef-e29adc839f48","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":108,"box":{"x":76,"y":160,"width":892,"height":11}},{"id":"453d237d-597c-4519-a3c5-b06aa462cfd9","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":108,"box":{"x":76,"y":174,"width":322,"height":11}},{"id":"f071038a-a3ff-43de-99fe-30080bf21d99","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":108,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"6f4516ee-c00f-4ec1-8756-18cd0f2cda25","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":108,"box":{"x":76,"y":211,"width":864,"height":11}},{"id":"7a279b1e-97dd-4e58-8b1f-cc6ac5aae70b","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":108,"box":{"x":77,"y":226,"width":402,"height":10}},{"id":"56f06176-7b60-425c-addd-4df373bb8417","block_type":"box","text":"Issuer Risk.","page_number":108,"box":{"x":77,"y":249,"width":79,"height":8}},{"id":"af9f7aec-e4cd-4378-b472-b5d68ef5ac40","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":108,"box":{"x":161,"y":249,"width":755,"height":10}},{"id":"a074c431-0eea-476d-b0fc-02c3c11ba8de","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":108,"box":{"x":76,"y":263,"width":861,"height":11}},{"id":"182d57c8-8385-4048-8345-28b352f7f4da","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":108,"box":{"x":76,"y":277,"width":406,"height":11}},{"id":"78a4186b-f89e-4d10-a765-2b760b7a1eb9","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":108,"box":{"x":77,"y":300,"width":256,"height":11}},{"id":"d2cc56a0-6190-4925-928e-d41a97dee285","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":108,"box":{"x":340,"y":300,"width":630,"height":11}},{"id":"c8451c4d-32c3-4225-8f7a-2ab56e59502d","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":108,"box":{"x":76,"y":315,"width":881,"height":10}},{"id":"971b16d2-be4c-46db-9e6c-b1f72cc9df31","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":108,"box":{"x":76,"y":329,"width":890,"height":10}},{"id":"ac618c7a-43bc-4ffd-953f-ff3b420f60a5","block_type":"box","text":"performance of the broader securities markets.","page_number":108,"box":{"x":76,"y":343,"width":303,"height":11}},{"id":"4ddffb38-93f3-45d0-aac5-208f685b2868","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":108,"box":{"x":77,"y":366,"width":368,"height":11}},{"id":"9750c437-81ab-4920-8c40-3b4f92b25322","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":108,"box":{"x":450,"y":366,"width":518,"height":11}},{"id":"196f2452-4c22-47ed-884b-0cae2f8e4a42","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":108,"box":{"x":76,"y":380,"width":875,"height":11}},{"id":"deba2473-b9d6-422d-a6c1-53084917b00d","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":108,"box":{"x":76,"y":394,"width":899,"height":11}},{"id":"33cd9223-9869-4d8f-aa12-2f5971df878e","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":108,"box":{"x":76,"y":409,"width":901,"height":10}},{"id":"c824d199-cf85-46ed-8f02-bddcfaf10f29","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":108,"box":{"x":76,"y":423,"width":888,"height":11}},{"id":"048b92f0-bddb-4895-8608-7a4291072322","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":108,"box":{"x":76,"y":437,"width":882,"height":11}},{"id":"495bca27-a190-40bf-8a01-18ef0cea5310","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":108,"box":{"x":76,"y":451,"width":889,"height":11}},{"id":"7625ff97-b639-4ee7-a429-022d7b94aeb1","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":108,"box":{"x":76,"y":465,"width":906,"height":11}},{"id":"0ac00d2f-a039-4a69-86d8-85174c9c2f85","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":108,"box":{"x":76,"y":479,"width":904,"height":11}},{"id":"592c3401-dd65-449a-858a-07c690986c27","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":108,"box":{"x":76,"y":494,"width":855,"height":11}},{"id":"cd7b271c-40cd-4545-b1f0-46f5e1664dec","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":108,"box":{"x":77,"y":508,"width":892,"height":11}},{"id":"9ae3b162-db25-443d-bb0a-e858c17b9bae","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":108,"box":{"x":77,"y":522,"width":901,"height":11}},{"id":"d28291ba-c9ac-4c80-b74c-34f41534d651","block_type":"box","text":"to price.","page_number":108,"box":{"x":76,"y":536,"width":52,"height":11}},{"id":"490199db-aa88-4aed-8d19-cecedd7a2bfd","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":108,"box":{"x":76,"y":559,"width":840,"height":11}},{"id":"7139908b-06a9-4855-b991-dfd35e5b0cf2","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":108,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"5f44cfbd-d634-419b-a1a8-f4ace39a6219","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":108,"box":{"x":76,"y":588,"width":878,"height":11}},{"id":"28c062de-5d05-447c-a125-2425631c71d9","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":108,"box":{"x":76,"y":602,"width":792,"height":11}},{"id":"857748fd-300d-4560-ab77-1aae4d27a077","block_type":"box","text":"Low Volatility Risk.","page_number":108,"box":{"x":77,"y":625,"width":130,"height":11}},{"id":"f7ae1530-9e8a-4f10-9b5a-f124dfa8b5b7","block_type":"box","text":"A low volatility strategy may underperform the broader market during periods of strong, rising or speculative stock","page_number":108,"box":{"x":212,"y":625,"width":733,"height":11}},{"id":"00ba1eee-67c7-4769-a926-2efca22bd9a7","block_type":"box","text":"prices. In addition, there is a risk that a Fund with such an investment strategy may experience more than minimum volatility. Securities in a","page_number":108,"box":{"x":76,"y":639,"width":895,"height":11}},{"id":"39eca994-e85e-4a65-8cd0-39c38ba150b1","block_type":"box","text":"Fund’s portfolio may be subject to price volatility, and their prices may not be less volatile (and could be more volatile) than the market as a","page_number":108,"box":{"x":77,"y":654,"width":892,"height":10}},{"id":"51227314-d469-4391-8fce-da4a1e4cc19b","block_type":"box","text":"whole, which could adversely affect the Fund’s NAV.","page_number":108,"box":{"x":76,"y":668,"width":331,"height":11}},{"id":"1ebf17c6-8dbc-41bc-9082-c7afb77acbe9","block_type":"box","text":"Management Risk.","page_number":108,"box":{"x":77,"y":691,"width":126,"height":11}},{"id":"f0cb0739-6c36-4a06-9911-ee923212c855","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":108,"box":{"x":208,"y":691,"width":757,"height":11}},{"id":"188bf27e-b650-4e14-b5fa-c443bc9dd8dc","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":108,"box":{"x":76,"y":705,"width":863,"height":11}},{"id":"eac27434-8bd5-4ff5-ba96-f61858b820e4","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":108,"box":{"x":76,"y":719,"width":864,"height":11}},{"id":"6094ac99-d1d4-42f6-9e1b-e79cc666b25c","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":108,"box":{"x":77,"y":733,"width":898,"height":11}},{"id":"a8e9b68c-edc3-4ed1-b7d4-3076c163ddb1","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":108,"box":{"x":76,"y":748,"width":837,"height":10}},{"id":"c731a335-fc0b-483d-b835-bc95f29fe8e2","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":108,"box":{"x":77,"y":762,"width":888,"height":11}},{"id":"213b7a7f-6e05-4592-959d-0909d418c6e0","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":108,"box":{"x":77,"y":776,"width":883,"height":11}},{"id":"cf2f3e83-f97b-459c-b76c-9f34cedbbaef","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":108,"box":{"x":76,"y":790,"width":889,"height":11}},{"id":"18ee5efc-1c44-466b-9758-a1467e6edffc","block_type":"box","text":"its investment objective.","page_number":108,"box":{"x":76,"y":804,"width":156,"height":11}},{"id":"e59415f5-9ef0-413c-9ca6-96db81daa2c7","block_type":"box","text":"Market Risk.","page_number":108,"box":{"x":77,"y":828,"width":85,"height":8}},{"id":"088d47bb-bf97-4ad8-bfe0-0a52e5bbca4a","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":108,"box":{"x":167,"y":828,"width":764,"height":10}},{"id":"7ea87566-e571-424f-a36c-ef5dc44a0766","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":108,"box":{"x":76,"y":842,"width":879,"height":11}},{"id":"8802d3ee-d4ca-488f-b758-d726a13cdda0","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":108,"box":{"x":76,"y":856,"width":884,"height":11}},{"id":"25c3dcf8-d8fa-4c98-ba1c-7d743666c800","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":108,"box":{"x":76,"y":870,"width":904,"height":11}},{"id":"5c46092f-b338-402f-bdd5-6cad3f8d53f2","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":108,"box":{"x":76,"y":884,"width":858,"height":11}},{"id":"c1fbb405-4317-4b60-b8ca-0fe221d4af64","block_type":"box","text":"11","page_number":108,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"5edd1583-bc84-4701-903d-e0ca13de0d87","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":109,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"dc711682-ac9a-48b4-bd8c-c3f20b409930","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":109,"box":{"x":76,"y":37,"width":885,"height":11}},{"id":"b34f5a2f-c498-4504-b433-2e61f97e0f46","block_type":"box","text":"and assets.","page_number":109,"box":{"x":76,"y":52,"width":71,"height":8}},{"id":"832b384b-94f9-404b-b83a-729cfdd041ec","block_type":"box","text":"Market Trading Risk.","page_number":109,"box":{"x":77,"y":75,"width":140,"height":11}},{"id":"14c6348d-2f7f-4a0b-9146-50ed72625a3e","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":109,"box":{"x":222,"y":75,"width":753,"height":11}},{"id":"31619e4c-fc37-4bb8-9eee-e3bf48cb5f24","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":109,"box":{"x":76,"y":89,"width":896,"height":11}},{"id":"cf9392b9-5854-49d3-b207-b1433ca1a506","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":109,"box":{"x":76,"y":103,"width":877,"height":11}},{"id":"7434d5b3-0184-488f-b894-41e045664a22","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":109,"box":{"x":77,"y":117,"width":446,"height":11}},{"id":"4e3f5260-c16e-40f8-aff5-3359367a480d","block_type":"box","text":"Absence of an Active Primary Market.","page_number":109,"box":{"x":75,"y":140,"width":236,"height":11}},{"id":"0ce833de-f199-46ac-947d-f1b54502608e","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":109,"box":{"x":317,"y":140,"width":663,"height":11}},{"id":"96f648ff-41ad-4928-a091-4e4912394a3c","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":109,"box":{"x":76,"y":155,"width":826,"height":10}},{"id":"dcf2dd04-2098-409c-b790-89bba196cbad","block_type":"box","text":"Secondary Listing Risks.","page_number":109,"box":{"x":76,"y":178,"width":151,"height":11}},{"id":"0483da24-04e0-4d29-b5a7-8ce0d2cf55b1","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":109,"box":{"x":233,"y":178,"width":732,"height":11}},{"id":"831e04db-943f-48b4-93dd-55a0c43fa8ed","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":109,"box":{"x":76,"y":192,"width":841,"height":11}},{"id":"ccae626a-8458-49ca-8354-fd1a0412fdf1","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":109,"box":{"x":76,"y":206,"width":890,"height":11}},{"id":"b1c5fa71-77e7-4197-8031-7ea3bcb2d629","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":109,"box":{"x":76,"y":220,"width":880,"height":11}},{"id":"8d03be2f-50bd-4291-b817-a2e34b6e77ff","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":109,"box":{"x":76,"y":235,"width":872,"height":10}},{"id":"8249fc88-dfa3-4401-b168-c1f77da52a8b","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":109,"box":{"x":76,"y":249,"width":897,"height":11}},{"id":"ec6b2992-62d4-4f2e-b54e-07baa20abc1e","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":109,"box":{"x":76,"y":263,"width":862,"height":11}},{"id":"e51a92a5-5ae2-401b-ad2f-7f8a94a403a8","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":109,"box":{"x":76,"y":277,"width":579,"height":11}},{"id":"950ce6ae-5795-4657-82ca-35a07c659455","block_type":"box","text":"Secondary Market Trading Risk.","page_number":109,"box":{"x":76,"y":300,"width":196,"height":11}},{"id":"cd241026-cecc-4692-ba59-cd53d067c226","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":109,"box":{"x":279,"y":300,"width":703,"height":11}},{"id":"4b096bdb-2b8f-436e-ab33-20d8cf822280","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":109,"box":{"x":76,"y":314,"width":896,"height":11}},{"id":"9fd26b9e-ee9b-4270-b01f-e9ba30fb5d6e","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":109,"box":{"x":76,"y":329,"width":880,"height":10}},{"id":"b4ca00b8-6f17-41c1-baf7-d242818ebf18","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":109,"box":{"x":76,"y":343,"width":900,"height":11}},{"id":"d9730d7f-84dd-4b1c-988c-94cb38ebdbc8","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":109,"box":{"x":76,"y":357,"width":893,"height":11}},{"id":"35bc1b76-388d-44ee-84d9-f8daa44a91c5","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":109,"box":{"x":76,"y":371,"width":581,"height":11}},{"id":"4e85de54-2b95-4c12-96a9-1b2b7f01e5f7","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":109,"box":{"x":77,"y":394,"width":900,"height":11}},{"id":"38ca13bd-7dbc-4897-ba83-0c83c6d5c036","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":109,"box":{"x":76,"y":409,"width":547,"height":10}},{"id":"225d4fac-b084-4e83-8af2-328799a6837c","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":109,"box":{"x":76,"y":432,"width":894,"height":11}},{"id":"bd4ec79f-59f4-474b-865d-8fa13ea3c7cf","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":109,"box":{"x":76,"y":446,"width":905,"height":11}},{"id":"8f6c8e9d-d366-4ce0-9a63-ac4b3bef90e4","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":109,"box":{"x":77,"y":460,"width":874,"height":11}},{"id":"285cbd16-c0f2-432f-91f0-ac91ed496eb3","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":109,"box":{"x":76,"y":474,"width":890,"height":11}},{"id":"55a5cb04-d966-466a-baae-2ae836a3b1e4","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":109,"box":{"x":76,"y":489,"width":857,"height":10}},{"id":"dd3f7ede-5933-40d6-afd0-39f80a1aa213","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":109,"box":{"x":76,"y":503,"width":891,"height":11}},{"id":"0dded703-5b55-471a-93a7-c184cd4c7e56","block_type":"box","text":"substantial trading losses.","page_number":109,"box":{"x":76,"y":517,"width":166,"height":11}},{"id":"25a407f1-e838-42b6-90c2-5e0b66ad5c35","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":109,"box":{"x":76,"y":540,"width":874,"height":11}},{"id":"e7a5c8e0-8285-4ec1-a366-095e9b2fba13","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":109,"box":{"x":76,"y":554,"width":893,"height":11}},{"id":"b94a2d35-5447-4371-9241-a6165f3a68e5","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":109,"box":{"x":76,"y":568,"width":658,"height":11}},{"id":"e078f795-bd8d-4b41-b2d6-4725c3f7dd21","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":109,"box":{"x":76,"y":592,"width":310,"height":10}},{"id":"0f8824e0-6747-44d6-873d-6ab87db4e797","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":109,"box":{"x":385,"y":592,"width":572,"height":10}},{"id":"af4f56e1-2862-4fbd-a4cf-a21500e7b03d","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":109,"box":{"x":77,"y":606,"width":852,"height":11}},{"id":"7de5bcbc-75f8-4c7a-86ca-eb9d04a53e09","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":109,"box":{"x":76,"y":620,"width":892,"height":11}},{"id":"a76268e7-e534-4593-b4db-195b8844e4e2","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":109,"box":{"x":77,"y":634,"width":885,"height":11}},{"id":"f439266d-3c07-438e-b18e-304f265c53c2","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":109,"box":{"x":76,"y":648,"width":792,"height":11}},{"id":"40387e24-1803-4719-9147-443c89737cda","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":109,"box":{"x":77,"y":672,"width":886,"height":10}},{"id":"e9d04903-086d-47a5-973f-ba4dab58c865","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":109,"box":{"x":77,"y":686,"width":891,"height":11}},{"id":"998ffbb2-842f-4559-ba47-696e65c60723","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":109,"box":{"x":76,"y":700,"width":899,"height":11}},{"id":"76e36970-e5fd-45b9-bdf5-50b2525414f4","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":109,"box":{"x":77,"y":714,"width":899,"height":11}},{"id":"a5ce4ba9-e760-474b-94cd-b35b84e4e44a","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":109,"box":{"x":76,"y":728,"width":878,"height":11}},{"id":"4f3ed4d4-4600-4681-acd3-cf11a77b2eaf","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":109,"box":{"x":76,"y":743,"width":902,"height":10}},{"id":"3983c185-70b9-4eb4-aa8c-3b50e544294a","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":109,"box":{"x":76,"y":757,"width":891,"height":10}},{"id":"123d5a03-90f4-46c2-90b2-db9f16429698","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":109,"box":{"x":76,"y":771,"width":849,"height":11}},{"id":"1f6963f7-3d97-4cf2-ad35-ddb3057e53c2","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":109,"box":{"x":76,"y":785,"width":622,"height":11}},{"id":"b3f5dce3-81d6-4c40-83f4-134c36229008","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":109,"box":{"x":76,"y":808,"width":245,"height":11}},{"id":"2c2174de-8f24-46c6-b62c-10fd0008d303","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":109,"box":{"x":328,"y":808,"width":636,"height":11}},{"id":"5ae15fed-4e07-4144-ba00-1138acc5b792","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":109,"box":{"x":76,"y":822,"width":853,"height":11}},{"id":"dcb6ce5a-c987-48f9-a239-2235b19617ca","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":109,"box":{"x":76,"y":837,"width":895,"height":10}},{"id":"7dbff3d0-60ac-40ee-ba67-cc814c564d77","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":109,"box":{"x":76,"y":851,"width":865,"height":11}},{"id":"e8550f81-a364-4d75-984f-4827417e55c0","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":109,"box":{"x":76,"y":865,"width":885,"height":11}},{"id":"8aa778d7-9999-4a28-877d-8b914cf5af79","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":109,"box":{"x":77,"y":879,"width":891,"height":11}},{"id":"4b02e88a-ee65-4136-a965-1048835f8b88","block_type":"box","text":"12","page_number":109,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"db9811bb-f5ca-4af3-9cd4-2274dccbcd69","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":110,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"da105940-b78b-49fa-b97a-079076795cba","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":110,"box":{"x":76,"y":37,"width":858,"height":11}},{"id":"7ff002c9-318a-4474-97d7-0595755e6186","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":110,"box":{"x":77,"y":52,"width":418,"height":10}},{"id":"a594c8f9-7125-4b94-a2b5-efc2d0c3ab9a","block_type":"box","text":"Materials Companies Risk.","page_number":110,"box":{"x":77,"y":75,"width":182,"height":10}},{"id":"8f2f0518-8b17-4b4a-9a33-a67e4b8aa248","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":110,"box":{"x":264,"y":75,"width":710,"height":11}},{"id":"97b54637-f7e9-434e-a41a-e5dc42b12f2f","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":110,"box":{"x":76,"y":89,"width":868,"height":11}},{"id":"f66c7180-b72d-4b72-95c8-4ab1ef0dcb4c","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":110,"box":{"x":76,"y":103,"width":897,"height":11}},{"id":"fcada3b2-2fe0-4bcd-b481-666836da6a03","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":110,"box":{"x":77,"y":117,"width":868,"height":11}},{"id":"6af3012e-7e40-4b59-a853-af8764710b66","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":110,"box":{"x":76,"y":131,"width":676,"height":11}},{"id":"061e5b2c-22e1-455e-b8f6-d67ca11ace09","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":110,"box":{"x":77,"y":155,"width":243,"height":10}},{"id":"e27628ee-5bfd-4589-bd93-a856e143c047","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":110,"box":{"x":326,"y":155,"width":607,"height":10}},{"id":"f652d1d5-1cef-481b-bff9-beb4a447de25","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":110,"box":{"x":76,"y":169,"width":875,"height":11}},{"id":"cd38b1d7-35ec-494f-8698-94edd4c603c7","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":110,"box":{"x":76,"y":183,"width":847,"height":11}},{"id":"281d58f1-c646-4f7c-b57d-b6b23dc4d830","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":110,"box":{"x":76,"y":197,"width":889,"height":11}},{"id":"c0215560-8763-4d89-be97-17d90f490d6b","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":110,"box":{"x":76,"y":211,"width":882,"height":11}},{"id":"202fed8c-6019-473f-8202-6db384457424","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":110,"box":{"x":76,"y":226,"width":473,"height":10}},{"id":"cce12956-baea-4952-9a36-60fbea9d70ae","block_type":"box","text":"Momentum Securities Risk.","page_number":110,"box":{"x":77,"y":249,"width":190,"height":8}},{"id":"b93acd3b-85f1-42a1-a185-8f5206cf1cd8","block_type":"box","text":"Securities that previously exhibited greater momentum characteristics than other securities may not continue","page_number":110,"box":{"x":272,"y":249,"width":704,"height":11}},{"id":"f5fc07c9-0b75-48c0-a68a-e27abe26bde2","block_type":"box","text":"to experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the","page_number":110,"box":{"x":76,"y":263,"width":877,"height":11}},{"id":"811177c7-0bb1-42f2-b95d-8f1f3d6a0cb8","block_type":"box","text":"market as a whole, and their returns may be less than the returns of other styles of investing or the overall stock market. A Fund that invests","page_number":110,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"54e58064-d0ab-4894-aefa-2c38865e978e","block_type":"box","text":"in momentum securities may experience significant losses if momentum stops, reverses or otherwise behaves differently than predicted. In","page_number":110,"box":{"x":76,"y":291,"width":892,"height":11}},{"id":"86bd3b49-3d0d-49c7-aa20-ad02c9c4263b","block_type":"box","text":"addition, there may be periods when the momentum style of investing is out of favor, and the investment performance of a Fund may suffer","page_number":110,"box":{"x":76,"y":305,"width":892,"height":11}},{"id":"a53002af-d549-4ee9-8b30-dcefebfbaa33","block_type":"box","text":"during such period.","page_number":110,"box":{"x":76,"y":320,"width":122,"height":10}},{"id":"33467a14-86dd-46ec-9976-31e2fc290e16","block_type":"box","text":"National Closed Market Trading Risk.","page_number":110,"box":{"x":77,"y":343,"width":254,"height":11}},{"id":"f44bb2c9-5e00-4193-b6c5-26bd537332e5","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":110,"box":{"x":336,"y":343,"width":637,"height":11}},{"id":"59330734-057b-4703-96cf-3390acdbd9ef","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":110,"box":{"x":76,"y":357,"width":905,"height":11}},{"id":"46a46a20-1459-43d6-9fc9-5125fdec93ca","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":110,"box":{"x":76,"y":371,"width":332,"height":11}},{"id":"798eb20a-e907-4baa-882a-d3c0d22eecb7","block_type":"box","text":"i.e","page_number":110,"box":{"x":408,"y":371,"width":15,"height":9}},{"id":"0d648b11-963d-484a-93b5-5929f1df3053","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":110,"box":{"x":425,"y":371,"width":508,"height":11}},{"id":"f3053f88-1053-49ec-a87d-e47791f70933","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":110,"box":{"x":76,"y":385,"width":863,"height":11}},{"id":"d179ab95-e6c8-42e3-8550-c5d66658e6f7","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":110,"box":{"x":76,"y":400,"width":862,"height":10}},{"id":"a5154126-dc8b-4d9e-91f7-809140c927bb","block_type":"box","text":"greater than those experienced by other funds.","page_number":110,"box":{"x":76,"y":414,"width":300,"height":11}},{"id":"77f8a1f6-3f9a-4af3-9182-413a4f6e18c5","block_type":"box","text":"Non-Diversification Risk.","page_number":110,"box":{"x":77,"y":437,"width":170,"height":8}},{"id":"8dc2e314-c226-4e2f-86ea-4b48fe36004a","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":110,"box":{"x":252,"y":437,"width":711,"height":11}},{"id":"fb6c11c1-556d-4c3d-84f1-96ba7cf285d3","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":110,"box":{"x":76,"y":451,"width":855,"height":11}},{"id":"8b8fed50-0a8a-4e87-9a31-934b936172c3","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":110,"box":{"x":76,"y":465,"width":886,"height":11}},{"id":"40bd1e75-e975-4326-9358-b459dab543e1","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":110,"box":{"x":76,"y":479,"width":879,"height":11}},{"id":"3b09c9cd-9501-41b1-9153-fc89913f95ac","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":110,"box":{"x":77,"y":494,"width":390,"height":10}},{"id":"16a1830e-68df-495b-899c-8a1776c5e530","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":110,"box":{"x":77,"y":517,"width":171,"height":8}},{"id":"bc7fc73d-6791-429b-bcb2-6dec87025e13","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":110,"box":{"x":253,"y":517,"width":698,"height":11}},{"id":"fe26573c-5580-4d0a-a9b6-d6d413767923","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":110,"box":{"x":76,"y":531,"width":889,"height":11}},{"id":"a6abf55b-4655-409d-adb0-a5563beaf029","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":110,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"515264b4-599a-45f8-95ad-f75fb17e5198","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":110,"box":{"x":76,"y":559,"width":402,"height":11}},{"id":"9db8463e-a418-47c8-8799-d444273eb111","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":110,"box":{"x":114,"y":577,"width":445,"height":11}},{"id":"fe206077-813a-4336-af6c-c049b1aa4900","block_type":"box","text":"Greater market volatility;","page_number":110,"box":{"x":113,"y":596,"width":158,"height":10}},{"id":"d6f480c5-b68f-46d9-a939-050069f8e34d","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":110,"box":{"x":113,"y":614,"width":383,"height":10}},{"id":"e93d6e08-01f5-45ce-89c2-2dbae3980ac5","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":110,"box":{"x":113,"y":632,"width":348,"height":10}},{"id":"a623a001-6b9d-458f-95a1-29987c914dbf","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":110,"box":{"x":114,"y":650,"width":316,"height":10}},{"id":"2dbc8815-64aa-4525-9b2a-36c1dbc83e59","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":110,"box":{"x":114,"y":668,"width":319,"height":11}},{"id":"377f1d9d-a33d-4241-a196-b26f5c58d281","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":110,"box":{"x":114,"y":686,"width":257,"height":11}},{"id":"8d52216d-3bc0-40e3-8537-41d929c55c9d","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":110,"box":{"x":114,"y":704,"width":265,"height":11}},{"id":"02ae812e-3a4c-4530-8b20-cfe9da35627f","block_type":"box","text":"Higher transaction and custody costs;","page_number":110,"box":{"x":114,"y":722,"width":241,"height":11}},{"id":"44863e09-5e87-4621-8efb-596b6214af6a","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":110,"box":{"x":114,"y":740,"width":852,"height":11}},{"id":"910147a5-64bd-4022-b569-90bd9c1473b6","block_type":"box","text":"engage in portfolio transactions;","page_number":110,"box":{"x":113,"y":754,"width":206,"height":11}},{"id":"7fca65c8-032d-4e9f-bed0-5c3cc4a0cea8","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":110,"box":{"x":114,"y":772,"width":386,"height":11}},{"id":"41573e0e-8943-4d14-873d-9cb41ec5d742","block_type":"box","text":"Less availability of public information about issuers;","page_number":110,"box":{"x":114,"y":790,"width":329,"height":11}},{"id":"7261e6d4-d246-4c2f-ac4b-d383b8ef0897","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":110,"box":{"x":113,"y":808,"width":803,"height":11}},{"id":"dbf588b3-68d7-43c2-b804-116bb94032d4","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":110,"box":{"x":114,"y":826,"width":328,"height":11}},{"id":"fa17b37a-bdae-4a80-8741-8c27c5f48ae6","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":110,"box":{"x":114,"y":844,"width":853,"height":11}},{"id":"205810b5-2b27-41b5-8752-827d888608b9","block_type":"box","text":"than those that apply in the U.S.","page_number":110,"box":{"x":113,"y":859,"width":205,"height":10}},{"id":"c2ec55b2-4f69-400b-ae1b-48eea9ff9a74","block_type":"box","text":"13","page_number":110,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"e809bed3-1c1f-4199-9659-1126ddd6ccbc","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":111,"box":{"x":77,"y":23,"width":188,"height":11}},{"id":"c13d4fa5-d54c-47cb-a356-17713c2dd6bd","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":111,"box":{"x":265,"y":23,"width":674,"height":11}},{"id":"79b41df9-496d-4ae0-925d-0161779d0cd7","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":111,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"3f55f4d3-dabc-4f68-b326-a5ac1f7a512f","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":111,"box":{"x":76,"y":51,"width":898,"height":11}},{"id":"4db61fe7-953d-4f6d-b67e-ae5444980119","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. The Fund","page_number":111,"box":{"x":76,"y":66,"width":852,"height":11}},{"id":"547fa24b-e0a1-4d8c-9796-91ce7abf089f","block_type":"box","text":"continues to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":111,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"4e348a43-db28-40a0-9f9c-20fe81422ded","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":111,"box":{"x":76,"y":94,"width":901,"height":11}},{"id":"ff5b36ab-4ac3-4573-a242-c220299b92fa","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":111,"box":{"x":76,"y":108,"width":897,"height":11}},{"id":"a2c80076-c68d-4738-be3c-4de96aceec3f","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":111,"box":{"x":77,"y":122,"width":882,"height":11}},{"id":"4fd01bac-3330-4d70-82a5-94f9cbd592f3","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":111,"box":{"x":76,"y":137,"width":906,"height":10}},{"id":"a3f8d523-d77c-4723-93a0-d970ea8d707d","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":111,"box":{"x":77,"y":151,"width":636,"height":11}},{"id":"ef58d062-a451-4ab1-aeb0-b1f17a7a169b","block_type":"box","text":"Operational and Technology Risks.","page_number":111,"box":{"x":76,"y":174,"width":239,"height":11}},{"id":"096a9875-1bef-4f36-816e-7c0bc5fb7bd6","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":111,"box":{"x":320,"y":174,"width":648,"height":11}},{"id":"15554465-8011-4d8d-b547-5f51a5840766","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":111,"box":{"x":76,"y":188,"width":842,"height":11}},{"id":"f8755e7e-0b6e-4e0b-ac23-e6a7980dec3d","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":111,"box":{"x":76,"y":202,"width":877,"height":11}},{"id":"04411d4d-28f4-45a9-976c-0f1cd4e59208","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":111,"box":{"x":76,"y":217,"width":844,"height":10}},{"id":"f0a174ab-6a1f-46f3-be30-6b21ddd4a581","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":111,"box":{"x":76,"y":231,"width":866,"height":11}},{"id":"41168ff3-1885-4530-a9ce-ef2708bc11fe","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":111,"box":{"x":76,"y":245,"width":892,"height":11}},{"id":"ddd2a33f-275b-4d4c-a2bd-25d4eecf5ca4","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":111,"box":{"x":76,"y":259,"width":889,"height":11}},{"id":"fb20083e-1831-4e7c-ae9d-238511664037","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":111,"box":{"x":76,"y":273,"width":870,"height":11}},{"id":"9d9bc430-dc13-4318-8c43-95c16ff3a20c","block_type":"box","text":"risks.","page_number":111,"box":{"x":77,"y":287,"width":32,"height":9}},{"id":"fe8ddced-1bec-45e5-ac6e-0ccfb5a43330","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":111,"box":{"x":76,"y":311,"width":895,"height":10}},{"id":"0a338bb1-a97a-43ed-bfe6-90526d99d2e7","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":111,"box":{"x":76,"y":325,"width":878,"height":11}},{"id":"172219f9-827c-4234-b991-bb06ac50d40b","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":111,"box":{"x":76,"y":339,"width":905,"height":11}},{"id":"9e85a3a5-1b2d-463e-8d03-32a3e1c738a9","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":111,"box":{"x":76,"y":353,"width":885,"height":11}},{"id":"cb037029-2667-47c8-8bde-d404307f3cff","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":111,"box":{"x":76,"y":367,"width":828,"height":11}},{"id":"c4f37462-08b9-45a5-a52c-cb14701b2f04","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":111,"box":{"x":76,"y":382,"width":898,"height":10}},{"id":"0de7f856-d170-485e-9922-c79469cb7c9b","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":111,"box":{"x":76,"y":396,"width":884,"height":11}},{"id":"733e2b8d-1d6a-4d99-8f15-2fd2628f29bc","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":111,"box":{"x":77,"y":410,"width":880,"height":11}},{"id":"49e58ff7-e045-4286-9149-4b120ecc1d64","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":111,"box":{"x":77,"y":424,"width":898,"height":11}},{"id":"cd2e58ef-ae33-40eb-bc84-f6d0b8fd9993","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":111,"box":{"x":76,"y":438,"width":866,"height":11}},{"id":"2973750c-a44a-40e7-83c7-ad809a175bda","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":111,"box":{"x":76,"y":452,"width":906,"height":11}},{"id":"f56fc283-c9a4-4325-bd55-b4d543f4e472","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":111,"box":{"x":76,"y":467,"width":904,"height":10}},{"id":"93e1e6d4-e1a5-45ed-bb4b-0e074d40f61d","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":111,"box":{"x":76,"y":481,"width":885,"height":11}},{"id":"d92683e8-ae64-4152-ae76-9fa39f66d2fa","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":111,"box":{"x":77,"y":495,"width":872,"height":11}},{"id":"60a0d951-7179-43c2-9da8-01a2531a0f1f","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":111,"box":{"x":76,"y":509,"width":855,"height":11}},{"id":"c7804669-3351-452a-a5da-43d33c88958c","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":111,"box":{"x":76,"y":523,"width":857,"height":11}},{"id":"b9ae09bb-0347-4933-a2d3-9f7d3bee9800","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":111,"box":{"x":76,"y":537,"width":897,"height":11}},{"id":"4968d81e-70ca-44c0-8289-2034855273d9","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":111,"box":{"x":76,"y":552,"width":886,"height":11}},{"id":"e7a9304d-2e42-48aa-8e40-72430e5e2391","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":111,"box":{"x":76,"y":566,"width":876,"height":11}},{"id":"9f73571d-23f7-40d5-add8-0e26d8fc1915","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":111,"box":{"x":76,"y":580,"width":585,"height":11}},{"id":"9a091ab0-7eab-4241-b7a7-39fa9906a4b2","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":111,"box":{"x":76,"y":603,"width":864,"height":11}},{"id":"86d49ed0-4f44-46e7-b35e-764ca7953458","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":111,"box":{"x":76,"y":617,"width":889,"height":11}},{"id":"f28b2524-b2bf-4bb7-9053-19c4c4585b63","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":111,"box":{"x":77,"y":632,"width":839,"height":10}},{"id":"7b321aa5-6d69-4099-a8fc-3ecc4d00255f","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":111,"box":{"x":76,"y":646,"width":862,"height":11}},{"id":"3dcf4527-7950-4c8f-8d6d-8d54d03b2908","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":111,"box":{"x":77,"y":660,"width":863,"height":11}},{"id":"9dbb74c5-0f2b-41cc-8d7a-a8ece13c93a8","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":111,"box":{"x":76,"y":674,"width":871,"height":11}},{"id":"f911f4df-6e0f-4182-89fe-7b250b759175","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":111,"box":{"x":76,"y":688,"width":895,"height":11}},{"id":"b5d9d9c5-c2c4-4119-a460-1be8a6f36b12","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":111,"box":{"x":76,"y":702,"width":882,"height":11}},{"id":"171beff8-4cbd-44a6-9f98-2b528b93f15c","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":111,"box":{"x":76,"y":717,"width":659,"height":10}},{"id":"5ae8adc5-682e-494f-88bc-f81f20c7bbd6","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":111,"box":{"x":77,"y":740,"width":830,"height":11}},{"id":"8bb9f394-421e-4fe7-b273-b9ad455ca0bf","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":111,"box":{"x":75,"y":754,"width":905,"height":11}},{"id":"04242af6-2978-488a-8853-eab4521c1c67","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":111,"box":{"x":77,"y":768,"width":756,"height":11}},{"id":"a5bae6ee-9bcd-4903-99c1-da2e6e0fe11d","block_type":"box","text":"Ownership Limitations Risk.","page_number":111,"box":{"x":76,"y":791,"width":195,"height":11}},{"id":"952d5e0e-1e76-47a5-8b9e-204046b56df3","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":111,"box":{"x":277,"y":791,"width":697,"height":11}},{"id":"90782d57-6cf9-4195-8e42-569a7a877c0c","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":111,"box":{"x":77,"y":806,"width":900,"height":10}},{"id":"79bf1825-9ab7-48b4-8b86-807b9ea2056e","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":111,"box":{"x":76,"y":820,"width":851,"height":11}},{"id":"7a74747b-3491-4c90-8305-8e3ee76fb79e","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":111,"box":{"x":77,"y":834,"width":866,"height":11}},{"id":"98838b46-55d3-42b0-b912-504869e90dc1","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":111,"box":{"x":76,"y":848,"width":903,"height":11}},{"id":"0da0d394-ee57-4b62-80d8-f20ff1507993","block_type":"box","text":"holdings.","page_number":111,"box":{"x":77,"y":862,"width":55,"height":11}},{"id":"41e0c2e6-1a3e-4a80-9ac5-ca30a97ff591","block_type":"box","text":"14","page_number":111,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"33ac5f02-dad7-412e-aefb-58effd507834","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":112,"box":{"x":77,"y":23,"width":851,"height":11}},{"id":"b29b3986-5557-42fc-8a64-ea6c4f7a7ba6","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":112,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"48b38c20-4f68-49ff-8af9-56c18d937a61","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":112,"box":{"x":76,"y":51,"width":870,"height":11}},{"id":"4b1720a9-a25a-4625-8b19-58088d7eac81","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":112,"box":{"x":76,"y":66,"width":884,"height":11}},{"id":"30e533d5-f708-4ee1-a95f-50cc7636416e","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":112,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"e4c82706-a8cd-4b05-9ecf-c563af96529a","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":112,"box":{"x":76,"y":94,"width":886,"height":11}},{"id":"a993428d-3b78-4eea-82dd-d23d95fdd6d5","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":112,"box":{"x":76,"y":108,"width":896,"height":11}},{"id":"323efb9f-5a7f-4098-99f7-64b168d1ea74","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":112,"box":{"x":76,"y":131,"width":885,"height":11}},{"id":"f8d90395-4f59-4a6e-8236-a555d031c0f3","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":112,"box":{"x":76,"y":146,"width":854,"height":10}},{"id":"a521352f-ed63-4b69-9930-ebcdbf2ca9b2","block_type":"box","text":"disapproval that was obtained.","page_number":112,"box":{"x":76,"y":160,"width":195,"height":11}},{"id":"fd36f006-dd7a-45c9-8beb-f51416c7108d","block_type":"box","text":"Quality Securities Risk.","page_number":112,"box":{"x":76,"y":183,"width":161,"height":11}},{"id":"d13a319c-5d76-427c-ac90-4e77ca6dfacf","block_type":"box","text":"Securities that previously exhibited greater quality characteristics than other securities may not continue to be","page_number":112,"box":{"x":243,"y":183,"width":709,"height":11}},{"id":"0432f89b-6c36-4228-9d94-3127a56cd0be","block_type":"box","text":"quality securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to","page_number":112,"box":{"x":76,"y":197,"width":854,"height":11}},{"id":"ea924a46-c453-4f9e-8edf-20ded328b257","block_type":"box","text":"predict. The returns of quality securities may be less than the returns of other styles of investing or the overall stock market. In addition,","page_number":112,"box":{"x":76,"y":211,"width":871,"height":11}},{"id":"035a099d-0f47-4ee6-bb41-8de5301563c9","block_type":"box","text":"there may be periods when the quality style of investing is out of favor, and the investment performance of a Fund may suffer during such","page_number":112,"box":{"x":76,"y":226,"width":879,"height":10}},{"id":"f4f34fa4-9098-4211-a2d8-2a28f1ddae01","block_type":"box","text":"period.","page_number":112,"box":{"x":76,"y":240,"width":43,"height":10}},{"id":"5c3745a2-7f02-4dfa-8585-02daa8751c1d","block_type":"box","text":"Real Estate Companies Risk.","page_number":112,"box":{"x":77,"y":263,"width":196,"height":11}},{"id":"2e733608-c88f-4291-94c1-5cd608313055","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":112,"box":{"x":279,"y":263,"width":649,"height":11}},{"id":"b06d00ce-db3e-4a27-ba43-af8f82d22d73","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":112,"box":{"x":76,"y":277,"width":903,"height":11}},{"id":"a28d92e3-bccb-4d45-aeef-edeba7b217d8","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":112,"box":{"x":76,"y":291,"width":883,"height":11}},{"id":"c60881ec-68f0-45e6-b5de-30e69170a5b2","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":112,"box":{"x":76,"y":305,"width":897,"height":11}},{"id":"30d3bb05-c615-43d8-995a-1805c854d77e","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":112,"box":{"x":77,"y":320,"width":329,"height":10}},{"id":"bdfa4830-14f5-4db8-bbe0-2e9d6b9b1e12","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":112,"box":{"x":77,"y":343,"width":897,"height":11}},{"id":"89973435-29f6-46e6-bc99-01edb235b52e","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":112,"box":{"x":77,"y":357,"width":900,"height":11}},{"id":"47191e54-638e-4305-bb2a-fafaa135eaf2","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":112,"box":{"x":76,"y":371,"width":409,"height":11}},{"id":"de01a224-7a3d-471c-89d7-c6c98a7f3bce","block_type":"box","text":"e.g.","page_number":112,"box":{"x":487,"y":374,"width":20,"height":8}},{"id":"7c14d393-b42e-4de6-b384-1d975791aa8a","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":112,"box":{"x":510,"y":371,"width":446,"height":11}},{"id":"a9573b7d-c344-4a4a-ab73-d7450c8f9057","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":112,"box":{"x":76,"y":385,"width":891,"height":11}},{"id":"1b3b2ad9-ede5-4352-8330-eeb5e64081e6","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":112,"box":{"x":76,"y":400,"width":882,"height":10}},{"id":"932ba54f-7b66-4b4e-9b1f-a4f6f8616f1a","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":112,"box":{"x":76,"y":414,"width":858,"height":11}},{"id":"a7b7dc82-5e10-4d70-91ea-9fa303c6f149","block_type":"box","text":"response to economic conditions or other events.","page_number":112,"box":{"x":77,"y":428,"width":316,"height":11}},{"id":"50828496-5553-4cac-a9e5-19e57d5fc5d1","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":112,"box":{"x":77,"y":451,"width":900,"height":11}},{"id":"be93d88d-b66f-42ec-8739-4dd45f6bb43a","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":112,"box":{"x":77,"y":465,"width":881,"height":11}},{"id":"80132f72-3bd8-49ec-9b23-821723a46675","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":112,"box":{"x":76,"y":479,"width":867,"height":11}},{"id":"fd1f781e-e426-43d0-9e95-b6ebdb595a79","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":112,"box":{"x":77,"y":494,"width":343,"height":10}},{"id":"4549357a-1739-4897-918c-b395409c2fc7","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":112,"box":{"x":76,"y":517,"width":875,"height":11}},{"id":"11474073-6e2e-44d4-b6e7-6ec332376725","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":112,"box":{"x":76,"y":531,"width":492,"height":11}},{"id":"0154c6cc-f129-4b29-9c84-2c5ed0555090","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":112,"box":{"x":77,"y":554,"width":235,"height":11}},{"id":"a2935ce8-ef9e-475e-bac9-f7e167522985","block_type":"box","text":"The economies of some countries or regions in which the Fund invests are dependent on trading with","page_number":112,"box":{"x":317,"y":554,"width":648,"height":11}},{"id":"72419fbd-3cef-4580-bb2d-b921222a6628","block_type":"box","text":"certain key trading partners. Reduction in spending on the products and services of these countries or regions, institution of tariffs or other","page_number":112,"box":{"x":76,"y":568,"width":891,"height":11}},{"id":"dbf1b6e3-d863-4b4c-a05e-97b99d9cfea7","block_type":"box","text":"trade barriers by any of their key trading partners or a slowdown in the economies of any of their key trading partners may cause an adverse","page_number":112,"box":{"x":76,"y":583,"width":897,"height":10}},{"id":"f527f215-d79b-454f-87b9-daa8cabe0837","block_type":"box","text":"impact on the economies of such countries or regions.","page_number":112,"box":{"x":76,"y":597,"width":348,"height":11}},{"id":"2a4ead25-e722-4614-b513-8b54e6351bc2","block_type":"box","text":"Risk of Investing in China.","page_number":112,"box":{"x":77,"y":620,"width":178,"height":11}},{"id":"3c9513a5-1acc-459c-8572-77ffb7d58829","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":112,"box":{"x":261,"y":620,"width":711,"height":11}},{"id":"05c7bc9c-fb94-4e87-8625-b4e33b859ec9","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":112,"box":{"x":76,"y":634,"width":708,"height":11}},{"id":"97e48ae4-7414-4724-807f-211103684889","block_type":"box","text":"Political and Social Risk.","page_number":112,"box":{"x":76,"y":657,"width":151,"height":9}},{"id":"e6559521-b384-4417-bb36-a7caa4010bca","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":112,"box":{"x":233,"y":657,"width":713,"height":11}},{"id":"da98266f-585e-4e45-affd-a80b879f14bc","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":112,"box":{"x":76,"y":672,"width":839,"height":10}},{"id":"73fa4f55-3987-49f8-a406-4daa4db40bbf","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":112,"box":{"x":76,"y":686,"width":888,"height":11}},{"id":"e479ad17-fa56-4a9a-b088-679cc4969ba9","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":112,"box":{"x":76,"y":700,"width":892,"height":11}},{"id":"510909b2-975f-405a-acc3-f9e3c875e06b","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":112,"box":{"x":77,"y":714,"width":873,"height":11}},{"id":"9b21f972-9584-461e-a04b-74e0a53d16d3","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":112,"box":{"x":77,"y":728,"width":888,"height":11}},{"id":"cb699eec-ff4b-4e16-8d5e-4aa145419228","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":112,"box":{"x":76,"y":742,"width":345,"height":11}},{"id":"93018f75-9f9c-44f4-bedb-85d8d4d5ca31","block_type":"box","text":"Government Control and Regulations.","page_number":112,"box":{"x":76,"y":766,"width":234,"height":11}},{"id":"060684c1-1045-4027-a8da-eba6de0d65e2","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":112,"box":{"x":317,"y":766,"width":659,"height":11}},{"id":"9a072eed-8cf8-4ac1-ac8e-2d7de1c1dc61","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":112,"box":{"x":76,"y":780,"width":889,"height":11}},{"id":"ad85397e-0e55-41d4-8ed5-788a132de925","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":112,"box":{"x":77,"y":794,"width":898,"height":11}},{"id":"64eebe7f-52f5-4f56-8ee5-2a43234ee2f0","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":112,"box":{"x":76,"y":808,"width":894,"height":11}},{"id":"0bc4507e-11b5-4644-8482-dff8bbea052a","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":112,"box":{"x":76,"y":822,"width":855,"height":11}},{"id":"72f7bda9-bbae-401b-9225-cad8271e6949","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":112,"box":{"x":76,"y":837,"width":880,"height":10}},{"id":"cf8d76c2-6bf5-4caf-b7df-7bf556a1499c","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":112,"box":{"x":76,"y":851,"width":850,"height":11}},{"id":"fc017687-4c28-4444-b629-da217773d623","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":112,"box":{"x":76,"y":865,"width":893,"height":11}},{"id":"7b5d5df6-de45-4441-aec9-e1e478d6f606","block_type":"box","text":"15","page_number":112,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"372d1071-ed3c-4bf7-a3f9-d76930738ebd","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":113,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"8fccd1ba-3466-4665-90e4-9b52510c4716","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":113,"box":{"x":76,"y":37,"width":778,"height":11}},{"id":"bd5ca074-345a-4cc8-abd1-62e4251ad10d","block_type":"box","text":"Economic Risk.","page_number":113,"box":{"x":76,"y":61,"width":94,"height":8}},{"id":"51bc07e7-8c82-419b-bb80-39387caaf2d2","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":113,"box":{"x":176,"y":61,"width":766,"height":10}},{"id":"b009af1f-69a0-4f0e-9821-a33d0ab8c160","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":113,"box":{"x":76,"y":75,"width":887,"height":11}},{"id":"14956b61-7b8a-4b76-a2c2-8f0ce2bef023","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":113,"box":{"x":76,"y":89,"width":869,"height":11}},{"id":"fa9cc598-3161-4b0f-b359-60742a20b0b6","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":113,"box":{"x":76,"y":103,"width":893,"height":11}},{"id":"957e38fa-5a84-4956-a73c-9297e2969d89","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":113,"box":{"x":76,"y":117,"width":871,"height":11}},{"id":"24fa091a-1ffd-44c5-9161-4789bb7a86a9","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":113,"box":{"x":76,"y":131,"width":881,"height":11}},{"id":"d469f614-6430-4768-b009-6cda6f85fca8","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":113,"box":{"x":76,"y":146,"width":876,"height":10}},{"id":"e0da63ce-086e-466d-aad9-542732515db2","block_type":"box","text":"may occur.","page_number":113,"box":{"x":76,"y":162,"width":69,"height":9}},{"id":"3b5efc1b-a87f-496e-aed6-451760202944","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":113,"box":{"x":77,"y":183,"width":840,"height":11}},{"id":"4c8b418d-35c0-46d0-b6a5-e96bbdd997c3","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":113,"box":{"x":77,"y":197,"width":872,"height":11}},{"id":"c2c8f9c0-ed10-41ec-a6d4-f5bc9b507edd","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":113,"box":{"x":76,"y":211,"width":848,"height":11}},{"id":"ce21652b-f254-4c4d-9169-58863797da28","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":113,"box":{"x":76,"y":226,"width":893,"height":10}},{"id":"0e42dbe5-c0d6-4999-a87b-58052f87a8a0","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":113,"box":{"x":76,"y":240,"width":898,"height":11}},{"id":"72e73861-893c-4d26-b00f-a26527133f9f","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":113,"box":{"x":76,"y":254,"width":863,"height":11}},{"id":"c5889e4f-785f-4b34-b745-799ba41c4069","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":113,"box":{"x":77,"y":268,"width":897,"height":11}},{"id":"88f4c175-24a6-413a-b03b-a5b3bb33697f","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":113,"box":{"x":76,"y":282,"width":884,"height":11}},{"id":"632bb2dc-0af5-4202-94fe-81399472f790","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":113,"box":{"x":76,"y":296,"width":905,"height":11}},{"id":"77d67938-9554-4370-a7eb-eeb0742222a4","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":113,"box":{"x":76,"y":311,"width":893,"height":10}},{"id":"c16358fe-1e82-4922-8266-cc88eba49785","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":113,"box":{"x":76,"y":325,"width":578,"height":11}},{"id":"5a5a62ac-8e07-4c64-8cfd-399d4acc0703","block_type":"box","text":"Expropriation Risk.","page_number":113,"box":{"x":76,"y":348,"width":116,"height":11}},{"id":"fec16f9f-c32e-4873-ba1c-9b23ca7d4249","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":113,"box":{"x":198,"y":348,"width":781,"height":11}},{"id":"ca4c8717-4dcc-4082-ada8-542b736dc0b2","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":113,"box":{"x":76,"y":362,"width":841,"height":11}},{"id":"d868aab3-560f-4bf6-a8c2-96b05b29a80c","block_type":"box","text":"repatriation of capital invested.","page_number":113,"box":{"x":77,"y":376,"width":198,"height":11}},{"id":"da30b025-ac23-41f7-93be-5e67f49dab2c","block_type":"box","text":"Security Risk.","page_number":113,"box":{"x":76,"y":400,"width":83,"height":10}},{"id":"ea375a2c-bc9f-447f-bdc3-3a22b16a9bc0","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":113,"box":{"x":166,"y":400,"width":770,"height":10}},{"id":"93caffae-a15d-4f80-9659-65d7adf2a1d0","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":113,"box":{"x":76,"y":414,"width":848,"height":11}},{"id":"7c30b49a-474c-4203-b84a-92530120c1b5","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":113,"box":{"x":76,"y":428,"width":898,"height":11}},{"id":"40a8d4d6-b6f6-44c5-a5bf-0ebf30fabd58","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":113,"box":{"x":76,"y":442,"width":886,"height":11}},{"id":"e53f036e-4002-4427-a302-e06a11f14650","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":113,"box":{"x":76,"y":456,"width":879,"height":11}},{"id":"c1aab4c0-c257-40a2-9449-67bffbcc5700","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":113,"box":{"x":76,"y":470,"width":887,"height":11}},{"id":"bc6bed42-4552-4bab-973a-46384a610ce3","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":113,"box":{"x":76,"y":485,"width":883,"height":10}},{"id":"eedf22f5-5f4d-4e2c-b7b3-620623d5a5fc","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":113,"box":{"x":77,"y":499,"width":353,"height":11}},{"id":"6ce2e52a-e82e-48ec-9b53-b3f3678671c0","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":113,"box":{"x":76,"y":522,"width":866,"height":11}},{"id":"8784e151-f467-410e-8e50-832fd77210f4","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":113,"box":{"x":76,"y":536,"width":876,"height":11}},{"id":"2b01f5cd-325a-45c7-93d2-9266189a1926","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":113,"box":{"x":76,"y":550,"width":871,"height":11}},{"id":"8538f748-1a7b-4140-8adc-562a28858236","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":113,"box":{"x":76,"y":565,"width":891,"height":10}},{"id":"4011a5dd-2d8d-4926-9f41-0bb69d7b2de4","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":113,"box":{"x":76,"y":579,"width":863,"height":11}},{"id":"c4a96773-1eaa-4cbb-ae53-46454d02fd9d","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":113,"box":{"x":76,"y":593,"width":855,"height":11}},{"id":"dbd604ee-59ea-4360-8598-652303f0e1d0","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":113,"box":{"x":76,"y":607,"width":893,"height":11}},{"id":"019b4b95-3480-450d-ba3c-987ac063247d","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":113,"box":{"x":77,"y":621,"width":879,"height":11}},{"id":"a657ac44-90cb-4244-8089-a6e8df7c02a2","block_type":"box","text":"Chinese Equity Markets.","page_number":113,"box":{"x":76,"y":644,"width":151,"height":11}},{"id":"b3aa4289-34a7-4b3a-887b-068cbde5d4e9","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":113,"box":{"x":233,"y":644,"width":726,"height":11}},{"id":"26990a83-df44-4a6d-9148-29b3a16d8480","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":113,"box":{"x":76,"y":659,"width":889,"height":11}},{"id":"8042e418-771a-4067-a4f5-ad09ed88c966","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":113,"box":{"x":76,"y":673,"width":887,"height":11}},{"id":"8c70c18b-ec03-4716-bf09-c3fa0c38d41d","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":113,"box":{"x":76,"y":687,"width":834,"height":11}},{"id":"fc78ca2c-26ed-47d5-9eb2-b383481a65fe","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":113,"box":{"x":76,"y":701,"width":880,"height":11}},{"id":"230627c2-83cc-4597-84f8-d5e7c4322f53","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":113,"box":{"x":77,"y":715,"width":905,"height":11}},{"id":"fd9aaa2a-ce70-4be6-b383-a1c35585ac86","block_type":"box","text":"volume and price volatility.","page_number":113,"box":{"x":76,"y":730,"width":170,"height":10}},{"id":"3a19d878-b097-4214-a07c-a9b0ca61a2f2","block_type":"box","text":"Hong Kong Political Risk.","page_number":113,"box":{"x":76,"y":753,"width":154,"height":11}},{"id":"a6a82abb-d7c6-45c1-a70e-4b49301133a0","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":113,"box":{"x":237,"y":753,"width":692,"height":11}},{"id":"f94e82d2-7f14-4198-b75f-ab95dda6b90e","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":113,"box":{"x":77,"y":767,"width":887,"height":11}},{"id":"395328e7-f4be-4f9f-8fc4-75e54ebe8505","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":113,"box":{"x":76,"y":781,"width":861,"height":11}},{"id":"1dcf926e-ef92-424b-8177-d8ae5fbceb87","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":113,"box":{"x":76,"y":795,"width":895,"height":11}},{"id":"53188b66-0d9b-470d-badb-882bb5e37670","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":113,"box":{"x":76,"y":809,"width":881,"height":11}},{"id":"15d387a5-c1c2-4bcd-852c-b71d60f583c7","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":113,"box":{"x":76,"y":824,"width":823,"height":11}},{"id":"ba856fff-836a-42e9-aac1-4e26b00b5d53","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":113,"box":{"x":76,"y":838,"width":853,"height":11}},{"id":"fde8cc4c-58f4-4e1c-87bd-0204b6f4edaa","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":113,"box":{"x":76,"y":852,"width":888,"height":11}},{"id":"408243b3-a448-4da4-a235-43975cf74f92","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":113,"box":{"x":76,"y":866,"width":838,"height":11}},{"id":"0a03abb1-5fc7-4300-a724-a126c40c8f11","block_type":"box","text":"16","page_number":113,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"1c4c17ff-74ee-4506-b4c6-ff8b37c4ca9c","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":114,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"10fe5086-3495-4213-85cf-f85f5b3a2321","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":114,"box":{"x":77,"y":37,"width":384,"height":9}},{"id":"f0b79275-e512-4504-b5db-42221b8e6066","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":114,"box":{"x":76,"y":60,"width":376,"height":11}},{"id":"6fbd88f9-d581-4785-8f52-a8d8d7567a49","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":114,"box":{"x":459,"y":61,"width":462,"height":10}},{"id":"1f0f39f9-dfe9-4a07-afc5-9b4f48f43f92","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":114,"box":{"x":76,"y":75,"width":896,"height":11}},{"id":"20450081-a6d4-4cad-a468-512125054d3b","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":114,"box":{"x":76,"y":89,"width":855,"height":11}},{"id":"4bcdc406-27c4-4e36-9c5b-65ad589da824","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":114,"box":{"x":76,"y":103,"width":864,"height":11}},{"id":"375422c2-fee7-406c-9f61-b415eb248dce","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":114,"box":{"x":76,"y":117,"width":859,"height":11}},{"id":"46213d2c-d47c-4d28-8d07-1cc6e8658e94","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":114,"box":{"x":76,"y":131,"width":876,"height":11}},{"id":"6ddf6d40-9bf1-42a8-bab2-13fbe5a944bb","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":114,"box":{"x":76,"y":146,"width":738,"height":10}},{"id":"3eeeff27-d908-4e61-bef3-323c36205cba","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":114,"box":{"x":77,"y":169,"width":888,"height":11}},{"id":"12016ded-f729-4c27-b968-a748c99a1ca0","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":114,"box":{"x":77,"y":183,"width":869,"height":11}},{"id":"c804c939-87ce-4e4b-b478-4f2ad175bbf3","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":114,"box":{"x":76,"y":197,"width":888,"height":11}},{"id":"404b8104-609e-4929-a76c-e12380ef9419","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":114,"box":{"x":76,"y":211,"width":858,"height":11}},{"id":"41ae55cf-a1ab-4a3b-9f8d-bf9605dff36a","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":114,"box":{"x":76,"y":226,"width":852,"height":10}},{"id":"a263f00a-2c55-421e-a2d0-b33452637d42","block_type":"box","text":"represent equity ownership in the operating company.","page_number":114,"box":{"x":77,"y":240,"width":344,"height":11}},{"id":"a06f4205-dce9-47df-8748-d44fc63d5cb2","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":114,"box":{"x":76,"y":263,"width":888,"height":11}},{"id":"dc19f08d-a6f7-4097-abec-fda244e51bb4","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":114,"box":{"x":76,"y":277,"width":906,"height":11}},{"id":"7f548e8e-cb29-47c7-b968-6aca47646fe0","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":114,"box":{"x":76,"y":291,"width":849,"height":11}},{"id":"8ea1e4ac-5465-46c8-b818-ac4955214f2b","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":114,"box":{"x":76,"y":305,"width":890,"height":11}},{"id":"99f8772b-b2f4-4d8c-a6dc-39bd067bbc6e","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":114,"box":{"x":76,"y":320,"width":855,"height":10}},{"id":"ee849525-ee45-417f-b6bb-7d0e130c0003","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":114,"box":{"x":76,"y":334,"width":898,"height":11}},{"id":"7c8b1667-421d-48b9-9ae2-04fea6d2d394","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":114,"box":{"x":76,"y":348,"width":892,"height":11}},{"id":"bcdbf3e6-ca9f-48d4-a8ea-3835ef3e1916","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":114,"box":{"x":77,"y":362,"width":879,"height":11}},{"id":"86dd0d0e-eea9-4919-80cd-5ef2109dd154","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":114,"box":{"x":76,"y":376,"width":904,"height":11}},{"id":"c40bce23-decc-4f43-b35a-eae9ce6cd7e8","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":114,"box":{"x":76,"y":391,"width":894,"height":10}},{"id":"6fe3ad1e-6898-43a4-97c3-a6782701529c","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":114,"box":{"x":76,"y":405,"width":324,"height":11}},{"id":"d4872313-28ee-4270-aaca-7ab38bf06a37","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":114,"box":{"x":77,"y":428,"width":285,"height":11}},{"id":"1bc85db6-5de7-4c38-9de0-fa6c4c25fdd4","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":114,"box":{"x":368,"y":428,"width":568,"height":11}},{"id":"0772ec30-3dc6-4376-a960-88d7369f1586","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":114,"box":{"x":76,"y":442,"width":878,"height":11}},{"id":"5f6cf200-74dc-43b6-9769-b4d19691507d","block_type":"box","text":"sectors (","page_number":114,"box":{"x":76,"y":456,"width":55,"height":11}},{"id":"89ffc73a-41e0-4639-b26f-2e2014aed732","block_type":"box","text":"e.g.,","page_number":114,"box":{"x":132,"y":459,"width":25,"height":8}},{"id":"91dcfb75-986d-4a75-8c31-3db9dbff57e2","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":114,"box":{"x":163,"y":456,"width":817,"height":11}},{"id":"706a8d70-45e1-4664-a52e-3b94221c9bfb","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":114,"box":{"x":76,"y":470,"width":887,"height":11}},{"id":"4d8ac3eb-d50a-4967-beb7-e576dd39ebce","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":114,"box":{"x":76,"y":485,"width":884,"height":10}},{"id":"7b9b99e1-1fd4-4c88-bf11-98c1ccb67001","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":114,"box":{"x":76,"y":499,"width":874,"height":11}},{"id":"857d22f1-e972-4745-a005-c9288d30e3d9","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":114,"box":{"x":76,"y":513,"width":868,"height":11}},{"id":"31592ae2-1af0-4add-84cb-8bf7839c3999","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":114,"box":{"x":76,"y":527,"width":897,"height":11}},{"id":"c15c551d-f981-422f-baeb-54e189681add","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":114,"box":{"x":77,"y":541,"width":899,"height":11}},{"id":"1d30326d-62eb-4bb7-a3c9-61a39580b608","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":114,"box":{"x":76,"y":556,"width":860,"height":10}},{"id":"bd2a66bc-5498-4f95-be78-127d8c49bc18","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":114,"box":{"x":76,"y":570,"width":877,"height":11}},{"id":"e3bfd918-7061-469b-b480-1b7c13bc809e","block_type":"box","text":"country economies.","page_number":114,"box":{"x":76,"y":584,"width":126,"height":11}},{"id":"c5444db8-bbfa-423d-bc19-9bb2b5594dbf","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":114,"box":{"x":77,"y":607,"width":266,"height":11}},{"id":"13abd6ac-42cf-4c44-941d-af689ade2d85","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":114,"box":{"x":349,"y":607,"width":625,"height":11}},{"id":"9389afa0-1584-444a-b006-735a0b182193","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":114,"box":{"x":76,"y":621,"width":869,"height":11}},{"id":"5c0051e3-67cc-482a-9afc-1c7a8e1953e9","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":114,"box":{"x":77,"y":635,"width":836,"height":11}},{"id":"77079ffd-7a53-4047-9556-160ed5deca9f","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":114,"box":{"x":76,"y":650,"width":838,"height":10}},{"id":"9bfdc328-9b2b-4a4c-8df7-60d601ab9197","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":114,"box":{"x":76,"y":673,"width":876,"height":11}},{"id":"dd244a8d-9f45-455a-865c-3f6a392cf8b0","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":114,"box":{"x":76,"y":687,"width":856,"height":11}},{"id":"9a33d40f-1b5c-4e44-9158-3090da88bb71","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":114,"box":{"x":76,"y":701,"width":879,"height":11}},{"id":"0f902ed6-3b42-4964-b213-112dd04b8e12","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":114,"box":{"x":76,"y":715,"width":533,"height":11}},{"id":"57553fa5-79cd-4c34-9d46-27451e4b3d54","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":114,"box":{"x":77,"y":739,"width":852,"height":10}},{"id":"b457c61e-255b-4ae7-bb55-ffc89f31618a","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":114,"box":{"x":76,"y":753,"width":854,"height":11}},{"id":"dc568732-ce49-460f-9734-c223a584606c","block_type":"box","text":"significant investment losses.","page_number":114,"box":{"x":76,"y":767,"width":188,"height":11}},{"id":"476e9da7-4a50-4d5b-8b61-3d6f6055e208","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":114,"box":{"x":76,"y":790,"width":863,"height":11}},{"id":"8a9db986-f562-4af8-b635-fdd3ff8318be","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":114,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"bb32c39e-e1b6-4208-bd1b-66078b4013d7","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":114,"box":{"x":77,"y":819,"width":902,"height":10}},{"id":"81b7f118-82a5-4df8-ad01-8c323749bc7f","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":114,"box":{"x":76,"y":833,"width":854,"height":11}},{"id":"b8dc3509-d474-4e0c-8e27-f048f2c98ba3","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":114,"box":{"x":77,"y":847,"width":878,"height":11}},{"id":"f57122f8-5b8e-42b1-99a3-4446685dfd6f","block_type":"box","text":"protection considerations.","page_number":114,"box":{"x":76,"y":861,"width":167,"height":11}},{"id":"037c7842-3c4b-41ad-9f82-e77c7cfa8296","block_type":"box","text":"17","page_number":114,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"85a3f314-c903-494d-8ad3-65d2df751344","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":115,"box":{"x":77,"y":23,"width":851,"height":11}},{"id":"ce5c40a5-6e82-4573-8698-044aa337f2f4","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":115,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"223c3845-67e5-492d-90bf-149166ebc04e","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":115,"box":{"x":76,"y":51,"width":765,"height":11}},{"id":"ca70f502-b0c8-438d-97bb-8da9aa11e505","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":115,"box":{"x":77,"y":75,"width":885,"height":11}},{"id":"ffc7fe37-6aaf-448a-a051-1e2bc912ad79","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":115,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"b4d91816-9988-4588-b3e4-594dcf9d05ab","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":115,"box":{"x":76,"y":103,"width":875,"height":11}},{"id":"2f37d5c7-4a4b-4766-b4d8-45d387bfdab7","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":115,"box":{"x":76,"y":117,"width":870,"height":11}},{"id":"df5e4ace-56e5-46b0-a7b0-803f7d846bb3","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":115,"box":{"x":76,"y":131,"width":867,"height":11}},{"id":"0609f8ae-9411-40ef-9527-f46ac9b4e9d7","block_type":"box","text":"objective.","page_number":115,"box":{"x":76,"y":146,"width":61,"height":10}},{"id":"f272a8e6-95bb-4727-99ee-12e6657c448a","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":115,"box":{"x":76,"y":169,"width":858,"height":11}},{"id":"d6253319-1495-447a-bb6b-298f0025f5dc","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":115,"box":{"x":76,"y":183,"width":863,"height":11}},{"id":"7d277a22-2770-4534-abc3-7f27462ccc91","block_type":"box","text":"generally less available or transparent in these markets.","page_number":115,"box":{"x":76,"y":197,"width":357,"height":11}},{"id":"3c4eca9a-9974-499c-bda6-b70140943580","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":115,"box":{"x":77,"y":220,"width":904,"height":11}},{"id":"a3707c81-3bd8-44ba-ab35-bbf2069d9911","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":115,"box":{"x":76,"y":235,"width":700,"height":10}},{"id":"adfd9191-61a9-4dae-909a-54daf8871b1e","block_type":"box","text":"Risk of Investing in Europe.","page_number":115,"box":{"x":77,"y":258,"width":188,"height":11}},{"id":"ed8de0b5-74db-4847-bc71-af3702996822","block_type":"box","text":"A Fund may be more exposed to the economic and political risks of Europe and of the European countries in","page_number":115,"box":{"x":270,"y":258,"width":693,"height":11}},{"id":"46e212b4-4131-4580-9bb7-dcb5bf4e68b3","block_type":"box","text":"which it invests than are funds whose investments are more geographically diversified. Adverse economic and political events in Europe may","page_number":115,"box":{"x":76,"y":272,"width":900,"height":11}},{"id":"00bfc8e1-c380-4f1d-902d-d9019c5063e7","block_type":"box","text":"cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and","page_number":115,"box":{"x":76,"y":286,"width":852,"height":11}},{"id":"2218c4d8-af65-4d88-a6ef-b0c40a718373","block_type":"box","text":"interdependent, and events in one country in Europe can have an adverse impact on other European countries. A Fund makes investments in","page_number":115,"box":{"x":76,"y":300,"width":901,"height":11}},{"id":"04fd61b1-ce21-4da0-b524-07d048add3cd","block_type":"box","text":"securities of issuers that are domiciled in, have significant operations in, or that are listed on at least one securities exchange within member","page_number":115,"box":{"x":76,"y":314,"width":903,"height":11}},{"id":"bbc42635-0e16-4b85-be6d-8f57f940f4f6","block_type":"box","text":"states of the EU. The EU requires compliance by member states with restrictions on inflation rates, deficits, interest rates and debt levels, as","page_number":115,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"f5eabed3-3f36-4ad9-b162-e691a0daa084","block_type":"box","text":"well as fiscal and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not","page_number":115,"box":{"x":76,"y":343,"width":882,"height":11}},{"id":"ada3926d-8011-4d8c-9ded-8dbf6d8e60ae","block_type":"box","text":"members of the EU. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":115,"box":{"x":76,"y":357,"width":902,"height":11}},{"id":"ab73d36d-bfb4-4926-9727-f7c7ed716027","block_type":"box","text":"euro (the common currency of certain EU countries), the default or threat of default by an EU member state on its sovereign debt, or an","page_number":115,"box":{"x":76,"y":371,"width":867,"height":11}},{"id":"5cd8098f-9a00-447d-9c07-37d5d662bc71","block_type":"box","text":"economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their","page_number":115,"box":{"x":76,"y":385,"width":877,"height":11}},{"id":"509c9fcc-f58d-4f0e-bf9a-681a84d3620c","block_type":"box","text":"trading partners. The European financial markets have experienced volatility and adverse trends in years past due to concerns about","page_number":115,"box":{"x":76,"y":400,"width":847,"height":10}},{"id":"05721fd8-8604-407a-bf84-ada27a7a89df","block_type":"box","text":"economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":115,"box":{"x":76,"y":414,"width":890,"height":11}},{"id":"aa563116-18ce-4aed-956d-a4328d251df7","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have and may in the future adversely affect the exchange rate of the","page_number":115,"box":{"x":77,"y":428,"width":901,"height":11}},{"id":"2ec22a92-ee4f-4e99-b5c5-a0235a935b60","block_type":"box","text":"euro and may significantly affect other European countries.","page_number":115,"box":{"x":76,"y":442,"width":378,"height":11}},{"id":"3e39018d-7494-4b5c-bd5f-4cd2234dc805","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":115,"box":{"x":77,"y":465,"width":878,"height":11}},{"id":"c5b28987-5079-4af8-965d-455e3e36a649","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":115,"box":{"x":76,"y":479,"width":858,"height":11}},{"id":"bf2c0044-6f04-431a-adda-26c2f56ab20f","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":115,"box":{"x":76,"y":494,"width":882,"height":11}},{"id":"97f07edb-3bb1-4a67-a9fa-a6146dfdf7eb","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":115,"box":{"x":76,"y":508,"width":859,"height":11}},{"id":"2fe24389-fea3-4fc8-bca5-49eaa87ee257","block_type":"box","text":"withdraw from the EU.","page_number":115,"box":{"x":76,"y":522,"width":142,"height":9}},{"id":"f69e9524-bdbc-461b-88ca-d0940fa5102c","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were to worsen, they","page_number":115,"box":{"x":76,"y":545,"width":899,"height":11}},{"id":"627682c8-47e7-4753-baf7-9f17ea91e03c","block_type":"box","text":"could adversely affect European issuers that rely on the U.S. for trade. Secessionist movements, such as the Catalan movement in Spain and","page_number":115,"box":{"x":76,"y":559,"width":902,"height":11}},{"id":"16e1f14f-1f9e-4a82-acac-979438339475","block_type":"box","text":"the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and","page_number":115,"box":{"x":76,"y":574,"width":881,"height":10}},{"id":"d397a567-ce11-4ff7-b2da-3617c9b6f1fa","block_type":"box","text":"uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by varying","page_number":115,"box":{"x":77,"y":588,"width":896,"height":11}},{"id":"1df59360-c4e8-4db8-8892-f5d9084143e5","block_type":"box","text":"political groups and ideologies. The governments of EU countries may be subject to change and such countries may experience social and","page_number":115,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"b619ca5b-6e3f-4d3c-9b2a-396de0ad02e7","block_type":"box","text":"political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The","page_number":115,"box":{"x":76,"y":616,"width":852,"height":11}},{"id":"4991e487-a33d-472b-994f-4f25889450bd","block_type":"box","text":"occurrence of terrorist incidents throughout Europe also could impact financial markets. The impact of these events is not clear but could be","page_number":115,"box":{"x":76,"y":630,"width":900,"height":11}},{"id":"5bb8861e-0e55-4720-89a5-fb285cef3b5c","block_type":"box","text":"significant and far-reaching and could adversely affect the value of a Fund. A Fund’s investments could be negatively impacted by any","page_number":115,"box":{"x":76,"y":644,"width":854,"height":11}},{"id":"4108b393-a169-4a0c-aa0c-3a4b9fb9bac2","block_type":"box","text":"economic or political instability in any European country.","page_number":115,"box":{"x":76,"y":659,"width":361,"height":10}},{"id":"93bda55f-e697-4d82-84e8-1875766d55ec","block_type":"box","text":"Risk of Investing in Japan.","page_number":115,"box":{"x":77,"y":682,"width":178,"height":11}},{"id":"437a4c8c-d42d-465a-9514-036b80b4b9d3","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":115,"box":{"x":261,"y":682,"width":713,"height":11}},{"id":"d3cb908a-9094-4e8f-9cb8-463e6c6ea3f3","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":115,"box":{"x":76,"y":696,"width":903,"height":11}},{"id":"1208a8f9-23ae-42d7-ac28-00eea140a4e6","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":115,"box":{"x":76,"y":710,"width":864,"height":11}},{"id":"848e4048-75df-4e8f-896f-26e48ba0be40","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":115,"box":{"x":77,"y":724,"width":868,"height":11}},{"id":"b670a04c-8438-4d43-ab85-d0e4f39bec70","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":115,"box":{"x":76,"y":739,"width":890,"height":10}},{"id":"db25e55c-36de-492b-bacc-72a92c736884","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":115,"box":{"x":76,"y":753,"width":891,"height":11}},{"id":"bb3d9a05-c138-4f7b-bf6b-d4f0c611799c","block_type":"box","text":"could cause losses to investors.","page_number":115,"box":{"x":76,"y":767,"width":203,"height":8}},{"id":"d5faa5a7-ded8-45be-a74d-e1de077a3230","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":115,"box":{"x":76,"y":790,"width":896,"height":11}},{"id":"92a163a6-f64e-4922-b8f0-d96b7aeadb45","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":115,"box":{"x":76,"y":804,"width":885,"height":11}},{"id":"9438e3a2-e590-4acd-99b6-f8acbb5e3e58","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":115,"box":{"x":77,"y":819,"width":899,"height":10}},{"id":"d2f53b18-baa3-480d-aaf4-95b6fbab267c","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":115,"box":{"x":76,"y":833,"width":903,"height":11}},{"id":"47cc75e3-29bd-4b84-8e08-1bb6254b909c","block_type":"box","text":"Risk of Investing in Russia.","page_number":115,"box":{"x":77,"y":856,"width":185,"height":11}},{"id":"3f6fda8d-4e83-4ddf-a43a-ba3718a87824","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":115,"box":{"x":268,"y":856,"width":708,"height":11}},{"id":"4b161a7e-1444-4d23-8689-fe4ec7c4f270","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":115,"box":{"x":76,"y":870,"width":825,"height":11}},{"id":"b0a3cda1-d339-454c-8e1d-cf5b3fac4591","block_type":"box","text":"18","page_number":115,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"15b74d74-6efd-4eb1-8732-2c18a97db3f3","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":116,"box":{"x":113,"y":23,"width":857,"height":11}},{"id":"1b6960af-056c-48e2-9e90-038d07a0bfa5","block_type":"box","text":"in Russia;","page_number":116,"box":{"x":113,"y":37,"width":60,"height":10}},{"id":"8b2d3128-0476-4e25-9688-43a42660b195","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":116,"box":{"x":114,"y":55,"width":800,"height":11}},{"id":"bd11900f-d9f5-4a4e-92ab-79e98a9e5bbd","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":116,"box":{"x":113,"y":70,"width":677,"height":10}},{"id":"83f689cf-0ccb-4d3f-a931-a987355c7140","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":116,"box":{"x":113,"y":88,"width":861,"height":10}},{"id":"c3464971-12e8-4ec0-8ec5-d9b97e7edec0","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":116,"box":{"x":114,"y":102,"width":793,"height":11}},{"id":"97fe163e-17da-4bf7-a10b-14375bf96b82","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":116,"box":{"x":113,"y":120,"width":838,"height":11}},{"id":"dca79406-9e99-4e82-94c0-7cc467b0dac5","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":116,"box":{"x":113,"y":134,"width":751,"height":11}},{"id":"3aa5e0c1-444d-45d3-991e-11fb37cf2c77","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":116,"box":{"x":113,"y":152,"width":827,"height":11}},{"id":"a77abeae-51cd-42a3-b80c-311533cf85e0","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":116,"box":{"x":113,"y":166,"width":283,"height":9}},{"id":"eb080875-f1c3-4d60-91da-1162ec5e87d1","block_type":"box","text":"Russian invasion of Ukraine","page_number":116,"box":{"x":76,"y":189,"width":172,"height":9}},{"id":"7ddb8db4-ad62-40f2-9dd1-f1ee59721c47","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":116,"box":{"x":249,"y":189,"width":720,"height":11}},{"id":"76cf8938-d920-4823-9967-deb8d5e96213","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":116,"box":{"x":76,"y":204,"width":893,"height":10}},{"id":"78195a99-bbc3-475e-bb3c-d7748f7925bc","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":116,"box":{"x":76,"y":218,"width":887,"height":11}},{"id":"965a2230-a280-4ab2-a6c2-e7a3cd0d5c0a","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":116,"box":{"x":76,"y":232,"width":886,"height":11}},{"id":"50dc96da-4e32-4428-834a-ab9cbfe8a98d","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":116,"box":{"x":76,"y":246,"width":894,"height":11}},{"id":"b71bb541-af08-4e82-a06c-91cc6e78cd07","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":116,"box":{"x":76,"y":260,"width":891,"height":11}},{"id":"bef08c70-17f5-4195-badf-8ab319c1f5bf","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":116,"box":{"x":76,"y":275,"width":885,"height":10}},{"id":"6ca0065d-cf43-4550-8ed8-0e652312bb2c","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":116,"box":{"x":76,"y":289,"width":892,"height":11}},{"id":"169db409-919c-44e9-94b6-3fc06391132d","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":116,"box":{"x":77,"y":303,"width":431,"height":11}},{"id":"8ec4a7ad-1590-4a9e-ac90-ed535c6a35a6","block_type":"box","text":"Russia Sanctions.","page_number":116,"box":{"x":76,"y":326,"width":109,"height":9}},{"id":"1ea5b33b-4926-4e44-b5f4-b4cb536e215d","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":116,"box":{"x":191,"y":326,"width":783,"height":11}},{"id":"638af5fd-9e5b-46ed-bce7-f9f02df395c4","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":116,"box":{"x":76,"y":340,"width":866,"height":11}},{"id":"90784c19-99c2-4e07-b3a2-02e80844d1b6","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":116,"box":{"x":76,"y":354,"width":891,"height":11}},{"id":"3178016c-0e21-44eb-8976-59be807169cf","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":116,"box":{"x":76,"y":369,"width":869,"height":10}},{"id":"4b7f5185-9c5a-47be-aa32-3a8e81c616dc","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":116,"box":{"x":76,"y":383,"width":904,"height":11}},{"id":"f4cc8f2a-8266-4847-9e6c-6bbf4c9f6e48","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":116,"box":{"x":77,"y":397,"width":840,"height":11}},{"id":"479b7596-938a-4f30-b633-6e6ac189c1e3","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":116,"box":{"x":76,"y":411,"width":884,"height":11}},{"id":"fe38b74a-6032-4ca9-9067-a7c2e94428b1","block_type":"box","text":"assets.","page_number":116,"box":{"x":76,"y":426,"width":44,"height":8}},{"id":"f8012981-edbc-40f1-86de-0974a829a27d","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":116,"box":{"x":76,"y":449,"width":866,"height":10}},{"id":"eb3b2f1c-55e8-4e78-8855-cc2b8c946335","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":116,"box":{"x":76,"y":463,"width":855,"height":11}},{"id":"f3c25e84-51b1-4abe-b1bd-1eed8711d3bd","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":116,"box":{"x":76,"y":477,"width":898,"height":11}},{"id":"83f60f12-bde8-487e-9338-f117115aa698","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":116,"box":{"x":76,"y":491,"width":898,"height":11}},{"id":"c874b796-c0ad-40fd-8fe3-12111166ac34","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":116,"box":{"x":76,"y":514,"width":861,"height":11}},{"id":"ec7a8467-ffd7-42e5-a089-9a8f2eb39477","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":116,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"55e8b87b-3869-4226-b2bc-6a3476733e10","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":116,"box":{"x":76,"y":543,"width":850,"height":10}},{"id":"dd762e17-9adb-4ff2-a9bf-521238d0ed56","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":116,"box":{"x":77,"y":557,"width":861,"height":11}},{"id":"bfbdb58e-a5ed-485a-aa33-dec9d674fb05","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":116,"box":{"x":76,"y":571,"width":894,"height":11}},{"id":"24e84672-254c-434d-97a5-77115e168caa","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":116,"box":{"x":77,"y":585,"width":867,"height":11}},{"id":"f7d90f65-1515-452f-9239-6ec606e2f405","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":116,"box":{"x":77,"y":599,"width":895,"height":11}},{"id":"f6e1773c-705f-47a3-9b47-eeb42dafa129","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":116,"box":{"x":76,"y":614,"width":861,"height":10}},{"id":"8cbd67a2-9641-4437-9a4e-719c0acb488b","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":116,"box":{"x":77,"y":628,"width":572,"height":11}},{"id":"3416475e-aa28-47b0-9a86-588d1b34fcf5","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":116,"box":{"x":76,"y":651,"width":860,"height":11}},{"id":"000a9ca1-bc50-4e06-a8db-7d0dc51e5145","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":116,"box":{"x":76,"y":665,"width":855,"height":11}},{"id":"ca379671-0ee8-41d8-99bf-d76cbeb5f0b4","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":116,"box":{"x":77,"y":679,"width":855,"height":11}},{"id":"24ad89b0-e703-472c-8036-cd6d94b6c7e1","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":116,"box":{"x":76,"y":693,"width":896,"height":11}},{"id":"cd794966-a295-45f3-a461-5739afd2e728","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":116,"box":{"x":76,"y":708,"width":867,"height":10}},{"id":"c52a5975-1a18-43a7-9609-f820c2802009","block_type":"box","text":"Russian securities will resume.","page_number":116,"box":{"x":77,"y":722,"width":195,"height":8}},{"id":"f6396b3b-6b5e-4dba-9713-e039a15f480a","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":116,"box":{"x":77,"y":745,"width":227,"height":11}},{"id":"96c1adec-2082-4f19-aa30-2d4316a37cd8","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":116,"box":{"x":310,"y":745,"width":657,"height":11}},{"id":"0c7dc6c9-a24e-441a-ade4-4e3deb14c47a","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":116,"box":{"x":77,"y":759,"width":870,"height":11}},{"id":"3e1a2e41-29fd-4412-bdde-a86d59f11b98","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":116,"box":{"x":76,"y":773,"width":901,"height":11}},{"id":"7a4c781c-7a3e-4b40-950b-8fcdf2acb437","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":116,"box":{"x":76,"y":788,"width":875,"height":10}},{"id":"27f955b3-db41-4f6c-a492-a33f431d4146","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":116,"box":{"x":77,"y":802,"width":857,"height":11}},{"id":"b347d793-d062-4844-9768-78f8cf44c952","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":116,"box":{"x":77,"y":825,"width":892,"height":11}},{"id":"bb0086ea-fb47-494d-b5ca-26b4ec01b763","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":116,"box":{"x":76,"y":839,"width":889,"height":11}},{"id":"cd4a3f70-79be-4139-aa50-8d0e213fb1a9","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":116,"box":{"x":76,"y":853,"width":869,"height":11}},{"id":"72e9d7a2-5778-4122-846c-385685eb7a01","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":116,"box":{"x":76,"y":868,"width":886,"height":10}},{"id":"2989336f-e3e1-4d22-8ab5-0454915986bd","block_type":"box","text":"lity","page_number":116,"box":{"x":964,"y":868,"width":18,"height":10}},{"id":"12aab03e-31f0-4385-9ec7-55992aee448e","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":116,"box":{"x":76,"y":882,"width":868,"height":11}},{"id":"5c92a146-d3fd-46cb-a815-459937d692ad","block_type":"box","text":"19","page_number":116,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"21109543-2d67-4aaf-a9a7-23776a1bb35d","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":117,"box":{"x":76,"y":23,"width":860,"height":11}},{"id":"9372a53d-3873-4bcf-8990-4e00fdeff8eb","block_type":"box","text":"reforms (","page_number":117,"box":{"x":77,"y":37,"width":56,"height":11}},{"id":"be0feb6e-3ff6-4480-8652-a6024b41d096","block_type":"box","text":"e.g.,","page_number":117,"box":{"x":135,"y":40,"width":24,"height":8}},{"id":"b433000b-f03c-4fb5-a432-1d4d989aa72f","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":117,"box":{"x":166,"y":37,"width":812,"height":11}},{"id":"88257f66-efb1-40e2-896b-51da673de1e3","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":117,"box":{"x":76,"y":52,"width":891,"height":10}},{"id":"af2b19c4-d9f7-4b25-929e-c61ab6a0a302","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":117,"box":{"x":76,"y":66,"width":891,"height":11}},{"id":"4eb90747-a352-49f3-8230-a8cbc233215c","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":117,"box":{"x":77,"y":80,"width":447,"height":11}},{"id":"67477816-4cba-46cb-8443-c921b8b339a6","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":117,"box":{"x":76,"y":103,"width":901,"height":11}},{"id":"dbfb50f2-3468-463b-b8b3-e66462db2c92","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":117,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"6f1eb4d2-3246-490a-bdd2-092e0378a6df","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":117,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"f996fedb-4c66-4de2-a374-9e644b4a7cc2","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":117,"box":{"x":76,"y":146,"width":574,"height":10}},{"id":"36836669-9980-472c-8e9d-af13d232aac8","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":117,"box":{"x":76,"y":169,"width":155,"height":8}},{"id":"8625109d-4ce2-4354-b397-0820e0ae6610","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":117,"box":{"x":231,"y":169,"width":699,"height":11}},{"id":"46f1bf85-aa86-45ed-bd59-769f8a1ae3a9","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":117,"box":{"x":76,"y":183,"width":882,"height":11}},{"id":"aa20fa47-b7e9-457d-a644-66c59c7bf983","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":117,"box":{"x":77,"y":197,"width":886,"height":11}},{"id":"60b1063e-54f7-459e-b93b-85d64b3bc0e9","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":117,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"9621489f-1713-4b07-bc69-a301b5c37131","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":117,"box":{"x":76,"y":226,"width":899,"height":10}},{"id":"943e7b95-9763-4da1-a993-d8ea709db1ff","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":117,"box":{"x":77,"y":240,"width":888,"height":11}},{"id":"bdda6e43-70f2-4d7f-91f4-ac5f9bfa48fe","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":117,"box":{"x":77,"y":254,"width":885,"height":11}},{"id":"8dd48181-0aaf-4339-8b52-ca549ba1efaf","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":117,"box":{"x":76,"y":268,"width":599,"height":9}},{"id":"f0e54320-2b68-48f2-8034-496c4f7988c7","block_type":"box","text":"Risk of Investing in the U.K.","page_number":117,"box":{"x":77,"y":291,"width":191,"height":11}},{"id":"eb527cf7-58b0-45c6-aca7-fe4945fac008","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":117,"box":{"x":274,"y":291,"width":682,"height":11}},{"id":"d68cb407-d46a-4056-a59f-aaa40ed65189","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":117,"box":{"x":76,"y":305,"width":874,"height":11}},{"id":"76c744fd-028b-4d21-893a-439f6b8168b4","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":117,"box":{"x":76,"y":320,"width":887,"height":10}},{"id":"7bcfdf32-66e8-438e-9baa-2d65356fd639","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":117,"box":{"x":76,"y":334,"width":893,"height":11}},{"id":"fe21c12b-1901-4638-a60d-0856a2c0d3f1","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":117,"box":{"x":76,"y":348,"width":886,"height":11}},{"id":"0819a620-e3e2-4272-b9d8-b4b438fd6cc2","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":117,"box":{"x":76,"y":362,"width":487,"height":11}},{"id":"dc81e743-df3b-4b5b-8350-6f438ebb0cc8","block_type":"box","text":"Risk of Investing in the U.S.","page_number":117,"box":{"x":77,"y":385,"width":190,"height":11}},{"id":"db3fd16d-7e38-4950-b8b8-d24700a01399","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":117,"box":{"x":273,"y":385,"width":683,"height":11}},{"id":"906ee3d1-b397-41b5-a2b6-1b9e6de57a72","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":117,"box":{"x":76,"y":400,"width":897,"height":10}},{"id":"62223cc5-5f0a-42f9-b8b6-7aa2b52a78da","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":117,"box":{"x":76,"y":414,"width":902,"height":11}},{"id":"b038ffd8-2d32-4c9f-a494-2763fada2994","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":117,"box":{"x":76,"y":428,"width":887,"height":11}},{"id":"c00aa614-995e-4910-9eaf-0d228988b39f","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":117,"box":{"x":76,"y":442,"width":894,"height":11}},{"id":"3d44f33c-ec78-4d59-b85e-2e898c474320","block_type":"box","text":"financial markets or issuers.","page_number":117,"box":{"x":76,"y":456,"width":179,"height":9}},{"id":"bdae031a-0bb6-4290-bc86-2465fe29c6f9","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":117,"box":{"x":76,"y":479,"width":868,"height":11}},{"id":"dfb805b1-964b-4a9e-9f12-0a8a060a0960","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":117,"box":{"x":77,"y":494,"width":867,"height":11}},{"id":"caa2bfb7-18f5-4bbe-8f70-5b4b3c01b603","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":117,"box":{"x":76,"y":508,"width":868,"height":11}},{"id":"28878c29-a90f-40bb-8739-539d2029d233","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":117,"box":{"x":77,"y":522,"width":899,"height":11}},{"id":"5a7d6129-ebdc-468a-935b-88af412aca7a","block_type":"box","text":"system.","page_number":117,"box":{"x":76,"y":537,"width":49,"height":10}},{"id":"802bf78b-291a-49aa-9cb2-450a522a0ec2","block_type":"box","text":"Securities Lending Risk.","page_number":117,"box":{"x":76,"y":559,"width":166,"height":11}},{"id":"2b04022b-ffab-4c07-ae00-dcb51b4c5bd7","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":117,"box":{"x":247,"y":559,"width":730,"height":11}},{"id":"7093a404-250b-4dba-872a-23804893f39c","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":117,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"60971ced-3cde-495f-ab59-0c4b139039da","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":117,"box":{"x":76,"y":588,"width":892,"height":11}},{"id":"855ca15b-9e0d-4987-8de3-470ea67e5f19","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":117,"box":{"x":76,"y":602,"width":403,"height":11}},{"id":"927577bf-4cab-44e6-b5f7-c0dfa996d900","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":117,"box":{"x":76,"y":625,"width":257,"height":11}},{"id":"1e0a5f94-2552-45e5-8599-446d8c02658f","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":117,"box":{"x":339,"y":625,"width":617,"height":11}},{"id":"a39c9034-ff54-4d2f-a0c6-cb90bc507958","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":117,"box":{"x":76,"y":639,"width":863,"height":11}},{"id":"e8d9c5d2-0041-4971-b0d8-222c2b1b983f","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":117,"box":{"x":76,"y":654,"width":868,"height":10}},{"id":"3605c336-5386-4699-99d0-fa8f6d905046","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":117,"box":{"x":76,"y":668,"width":895,"height":11}},{"id":"ec0c69bb-88df-42b4-ac52-cb5f0a09df52","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":117,"box":{"x":77,"y":682,"width":898,"height":11}},{"id":"b3d9e8e2-4f50-414b-9e5b-2f0f034ce985","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":117,"box":{"x":76,"y":696,"width":900,"height":11}},{"id":"f465a773-28b5-492d-bdaf-733ae89b70d2","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":117,"box":{"x":77,"y":710,"width":885,"height":11}},{"id":"99ea402d-f3cc-4379-9a15-6f79c81e1226","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":117,"box":{"x":76,"y":724,"width":354,"height":11}},{"id":"5b2f3687-e3cb-47f1-8a22-8d250f8490a5","block_type":"box","text":"Style Factors Risk.","page_number":117,"box":{"x":76,"y":748,"width":128,"height":10}},{"id":"6ff3c37b-d426-4e13-8451-d3a3e7b6c55c","block_type":"box","text":"The applicable style factors for a Fund based on its Underlying Index have characteristics that may cause the Fund to","page_number":117,"box":{"x":209,"y":748,"width":749,"height":10}},{"id":"274a8dc1-1d06-406c-98c4-37733ae1bf80","block_type":"box","text":"underperform the applicable Parent Index or the market as a whole. There may be periods when a particular style of equity investing is out of","page_number":117,"box":{"x":77,"y":762,"width":900,"height":11}},{"id":"5eaccfce-a88d-4313-ab88-703e4a814b05","block_type":"box","text":"favor, and the investment performance of a Fund may suffer during such a period.","page_number":117,"box":{"x":76,"y":776,"width":522,"height":11}},{"id":"b8b3a30b-3a17-4ee6-b1f8-a08165c339c5","block_type":"box","text":"Momentum Factor Risk","page_number":117,"box":{"x":76,"y":799,"width":146,"height":9}},{"id":"18ac55fa-25b9-484a-af8d-d9bc04bfb254","block_type":"box","text":". Securities that previously exhibited greater momentum characteristics than other securities may not continue to","page_number":117,"box":{"x":223,"y":799,"width":727,"height":11}},{"id":"7b9f97c8-d9d2-46e6-8b4e-12bb63c2dcf2","block_type":"box","text":"experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the","page_number":117,"box":{"x":76,"y":813,"width":861,"height":11}},{"id":"5a18fa78-1b39-4a49-835b-f523281c860b","block_type":"box","text":"market as a whole.","page_number":117,"box":{"x":76,"y":828,"width":120,"height":8}},{"id":"12cedead-9d39-4dcf-afee-0c922302b9d2","block_type":"box","text":"Quality Factor Risk","page_number":117,"box":{"x":76,"y":851,"width":118,"height":11}},{"id":"09ef0aa8-4aa5-4bae-996d-186044cf3b90","block_type":"box","text":". Securities that previously exhibited greater quality characteristics than other securities may not continue to be quality","page_number":117,"box":{"x":195,"y":851,"width":763,"height":11}},{"id":"0f35a685-9d84-4714-9905-9cb097db22ae","block_type":"box","text":"securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to predict.","page_number":117,"box":{"x":76,"y":865,"width":861,"height":11}},{"id":"eba466a7-22f7-455b-be84-ef114095ee35","block_type":"box","text":"20","page_number":117,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"5490af7a-6f2d-4e14-8784-c014f1771637","block_type":"box","text":"Value Factor Risk","page_number":118,"box":{"x":77,"y":23,"width":107,"height":9}},{"id":"0e4bdb3d-71a2-444b-8847-2592246d771e","block_type":"box","text":". Value securities may decline in price or fail to appreciate for long periods of time, and they may never realize their full","page_number":118,"box":{"x":185,"y":23,"width":758,"height":11}},{"id":"cea0a6a2-fd89-459c-89a1-59818eb7d76b","block_type":"box","text":"potential value. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":118,"box":{"x":76,"y":37,"width":881,"height":11}},{"id":"457a4ca6-4b7d-44ca-a5e5-341e3be9634a","block_type":"box","text":"there is no assurance that they will continue to do so.","page_number":118,"box":{"x":76,"y":52,"width":342,"height":10}},{"id":"12990320-7106-41b9-b3a1-544279c295d1","block_type":"box","text":"Low Volatility Factor Risk","page_number":118,"box":{"x":76,"y":75,"width":157,"height":10}},{"id":"d6650cd5-8c73-472f-8bbc-1bbe6716567a","block_type":"box","text":". Low volatility securities may underperform the broader market during periods of strong, rising or speculative stock","page_number":118,"box":{"x":234,"y":75,"width":740,"height":11}},{"id":"2a5d7d61-4110-4607-acb8-0502bfad45b1","block_type":"box","text":"prices. The prices of such securities may not be any less volatile (and could be more volatile) than the market as a whole.","page_number":118,"box":{"x":76,"y":89,"width":774,"height":11}},{"id":"5f6800d4-6f71-4d52-8d3e-c956606085a0","block_type":"box","text":"Low Size Factor Risk","page_number":118,"box":{"x":76,"y":112,"width":130,"height":9}},{"id":"7b382bc1-4e3f-41c1-81cf-a40e315da136","block_type":"box","text":". Low size companies may have more limited product lines, markets, financial resources, personnel and management","page_number":118,"box":{"x":206,"y":112,"width":748,"height":11}},{"id":"12f0a435-3df8-44e6-8699-95bf43af7614","block_type":"box","text":"experience and thus may be more vulnerable to adverse business and economic developments than relatively larger-capitalized companies.","page_number":118,"box":{"x":76,"y":126,"width":893,"height":11}},{"id":"84d8e6bb-ba6d-4d56-81d8-3c302122821f","block_type":"box","text":"Low size securities may be more be more volatile and less liquid than securities on the larger end of a Fund’s capitalization range, and it may","page_number":118,"box":{"x":77,"y":140,"width":899,"height":11}},{"id":"12779424-a6f1-4de0-9c04-ccaf08b5493e","block_type":"box","text":"be more difficult for a Fund to buy and sell them.","page_number":118,"box":{"x":76,"y":155,"width":310,"height":10}},{"id":"ab561fa4-2e60-4be3-b75c-e7477eafc34e","block_type":"box","text":"Sustainability Risk.","page_number":118,"box":{"x":76,"y":178,"width":132,"height":11}},{"id":"bb1893ab-969d-4019-bb15-201e3f560edd","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":118,"box":{"x":214,"y":178,"width":762,"height":11}},{"id":"a05e0f05-987e-4b1b-ba5d-fecb3fc0011b","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":118,"box":{"x":77,"y":192,"width":732,"height":11}},{"id":"267e3a05-a516-499f-9c4c-bfbbfd2e3f30","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":118,"box":{"x":76,"y":215,"width":874,"height":11}},{"id":"4a9685e2-7638-4739-b7c3-b378b3c68f49","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":118,"box":{"x":76,"y":229,"width":875,"height":11}},{"id":"e8271e8e-64b1-4a71-ba80-778094bb394f","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":118,"box":{"x":76,"y":244,"width":901,"height":10}},{"id":"f2895ba0-c349-4b44-a935-8eadda8da428","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":118,"box":{"x":76,"y":258,"width":883,"height":11}},{"id":"0038c954-6f18-4905-b8d8-157298c4f2db","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":118,"box":{"x":76,"y":272,"width":863,"height":11}},{"id":"d952c794-5c0e-4a0a-b609-fbe910d6ea3f","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":118,"box":{"x":76,"y":286,"width":864,"height":11}},{"id":"96391814-f8c4-4c0a-b5b8-9bf4e6cc7a6c","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":118,"box":{"x":76,"y":300,"width":886,"height":11}},{"id":"1bcde7dd-b3dc-407d-bc0d-cbea780e74f2","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":118,"box":{"x":76,"y":323,"width":905,"height":11}},{"id":"122f8616-2ec1-412d-a909-f19185826ea3","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":118,"box":{"x":76,"y":338,"width":851,"height":11}},{"id":"88274334-cf0a-44b5-9ba9-c555fc00714a","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":118,"box":{"x":76,"y":361,"width":875,"height":11}},{"id":"27faa784-5ddc-4517-8b6a-fdbbff2b9152","block_type":"box","text":"edit","page_number":118,"box":{"x":952,"y":361,"width":24,"height":8}},{"id":"66b8bc5e-0fa5-4446-a26b-2c52559c0e1f","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":118,"box":{"x":76,"y":375,"width":890,"height":11}},{"id":"981155b4-3d15-4fbe-ac44-e60705c42691","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":118,"box":{"x":76,"y":389,"width":343,"height":11}},{"id":"63803ec2-ee62-446f-a6dd-7a4d06306ff5","block_type":"box","text":"e.g","page_number":118,"box":{"x":420,"y":392,"width":19,"height":8}},{"id":"648b982c-cabf-4e4b-8c4a-dae83aef8639","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":118,"box":{"x":440,"y":389,"width":534,"height":11}},{"id":"857ba9ef-e2b3-48e4-873d-1dcd6c8c1bc9","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":118,"box":{"x":76,"y":403,"width":468,"height":11}},{"id":"07eec90c-ad66-4681-80a6-7526a14bbe24","block_type":"box","text":"e.g","page_number":118,"box":{"x":545,"y":406,"width":19,"height":8}},{"id":"1daa9d87-2909-4be5-bc62-ef322dea2e4d","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":118,"box":{"x":565,"y":403,"width":410,"height":11}},{"id":"7fc7aad3-603a-4553-af46-1bdca7fe5b92","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":118,"box":{"x":76,"y":418,"width":845,"height":10}},{"id":"866765a0-8520-4471-814b-d203d8b6e3c8","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":118,"box":{"x":76,"y":432,"width":777,"height":11}},{"id":"f1130884-771b-4f5d-bf04-974266ecde7b","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":118,"box":{"x":76,"y":455,"width":903,"height":11}},{"id":"4c10573e-5266-40fd-b0f1-5544fbdad806","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":118,"box":{"x":76,"y":469,"width":840,"height":11}},{"id":"ca1d608b-ed59-481a-96d5-e14f4580531f","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":118,"box":{"x":76,"y":483,"width":898,"height":11}},{"id":"7f2775f9-3437-4e98-b0a0-0dd880754730","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":118,"box":{"x":77,"y":498,"width":873,"height":10}},{"id":"72932f14-07b2-43f7-862c-1a9bf4f79a16","block_type":"box","text":"transition risks.","page_number":118,"box":{"x":76,"y":512,"width":98,"height":8}},{"id":"ef5c82b1-9dd9-4bc6-b209-157cecf5bbc0","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":118,"box":{"x":76,"y":535,"width":869,"height":11}},{"id":"fb619439-1978-46fc-ba85-d34bded8d43f","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":118,"box":{"x":76,"y":549,"width":443,"height":11}},{"id":"8e18e9d6-b413-43bb-b69e-4426b5116f78","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":118,"box":{"x":76,"y":572,"width":850,"height":11}},{"id":"5ed2f8a3-3d4b-4f3e-b184-6d735eb7ad2e","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":118,"box":{"x":76,"y":586,"width":889,"height":11}},{"id":"c5bf0cbf-e489-42f6-b310-9fd8ec7ad7a9","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":118,"box":{"x":76,"y":601,"width":903,"height":11}},{"id":"c9e62e84-3d81-445f-8522-8eea6e2b405d","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":118,"box":{"x":76,"y":615,"width":252,"height":11}},{"id":"a6e80c71-f486-44cb-a893-6fd9e5d789a9","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":118,"box":{"x":76,"y":638,"width":829,"height":11}},{"id":"4bc96863-e4e4-4257-803a-ad225a41b0ea","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":118,"box":{"x":76,"y":652,"width":477,"height":11}},{"id":"5cca4070-06b2-48f7-a4d9-0a3eb8a1cb46","block_type":"box","text":"Technology Companies Risk.","page_number":118,"box":{"x":76,"y":675,"width":198,"height":11}},{"id":"5b6b9400-f112-4842-ae0b-e3c5638c6f1a","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":118,"box":{"x":278,"y":675,"width":693,"height":11}},{"id":"ed1ab196-abb9-484f-9f63-32ccaa7d305c","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":118,"box":{"x":77,"y":690,"width":882,"height":10}},{"id":"3a966bd1-2e31-4f75-af4a-5e56cda52147","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":118,"box":{"x":76,"y":704,"width":888,"height":11}},{"id":"c69d7f7a-872f-4fef-b5b6-6c9adfd5b662","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":118,"box":{"x":76,"y":718,"width":905,"height":11}},{"id":"b53e547b-61ca-4244-bee7-3ab5345e3023","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":118,"box":{"x":76,"y":732,"width":891,"height":11}},{"id":"b642dda1-851c-4717-9168-6a89892a87d9","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":118,"box":{"x":76,"y":746,"width":868,"height":11}},{"id":"efe4342c-a090-4f8a-b007-439614482593","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":118,"box":{"x":76,"y":761,"width":898,"height":10}},{"id":"7e7941b1-6f60-4352-8d84-d22c3ff20e1d","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":118,"box":{"x":76,"y":775,"width":738,"height":11}},{"id":"3b7171ac-5b9a-469b-9f94-8a0c98ba1d0f","block_type":"box","text":"Tracking Error Risk.","page_number":118,"box":{"x":76,"y":798,"width":135,"height":11}},{"id":"a555e7c2-0692-4d0d-896c-2c9f653b637b","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":118,"box":{"x":216,"y":798,"width":749,"height":11}},{"id":"9261962c-5aa8-46cd-9391-7132da73db4d","block_type":"box","text":"from that of the Underlying Index. 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As a result, the economic","page_number":119,"box":{"x":217,"y":117,"width":726,"height":11}},{"id":"6a2d6cfb-75dc-4e51-a980-424c94bb1747","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":119,"box":{"x":76,"y":131,"width":875,"height":11}},{"id":"9a958e84-279d-4e61-aa46-8c22c6fdf6a2","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":119,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"b2302af9-1cd0-406f-b7d4-fc8389666c3b","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":119,"box":{"x":76,"y":160,"width":902,"height":11}},{"id":"634a1ef5-bdc6-4195-b51f-f30809cc6aba","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":119,"box":{"x":77,"y":174,"width":897,"height":11}},{"id":"585ac6ba-face-4387-b706-aa31bc9825c8","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":119,"box":{"x":76,"y":188,"width":902,"height":11}},{"id":"e40593d3-99d3-4fa9-adc9-86e2c2587445","block_type":"box","text":"global financial system.","page_number":119,"box":{"x":76,"y":202,"width":149,"height":11}},{"id":"380517d3-1bb1-44ce-8132-13c8abe67ec6","block_type":"box","text":"Utility Companies Risk.","page_number":119,"box":{"x":77,"y":226,"width":160,"height":10}},{"id":"6d88a14a-35c5-4bb6-9c0d-b47eb10c7d08","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":119,"box":{"x":243,"y":226,"width":717,"height":10}},{"id":"6e4f56b7-2e7c-42d2-b462-93cb5f871d14","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":119,"box":{"x":76,"y":240,"width":878,"height":11}},{"id":"3239c140-5ac5-4c8d-819f-db13b1bb408d","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":119,"box":{"x":76,"y":254,"width":856,"height":11}},{"id":"ab7f3bd0-ab6b-4026-aefa-5163b6eddc40","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":119,"box":{"x":76,"y":268,"width":853,"height":11}},{"id":"32b73be7-8943-4dd7-8552-b5d0091341ed","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":119,"box":{"x":76,"y":282,"width":312,"height":11}},{"id":"471a1b57-96e7-42d0-86f2-501ce853fb73","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":119,"box":{"x":77,"y":305,"width":886,"height":11}},{"id":"1c9bad9a-73c2-49a0-addf-11d5f053a049","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":119,"box":{"x":76,"y":320,"width":842,"height":10}},{"id":"a25e9c22-3017-4aa2-a51b-c6595f21fe13","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":119,"box":{"x":76,"y":334,"width":899,"height":11}},{"id":"ffe0313f-9e0f-4fa8-b195-816c583af917","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":119,"box":{"x":76,"y":348,"width":894,"height":11}},{"id":"9feaaf49-0159-44fa-b513-956f587e9550","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":119,"box":{"x":76,"y":362,"width":873,"height":11}},{"id":"cf068690-c1c7-4fa6-84ee-304d2bef58cb","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":119,"box":{"x":77,"y":376,"width":891,"height":11}},{"id":"68daefbb-add1-4ff9-8d7d-5734d3584a99","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":119,"box":{"x":76,"y":391,"width":893,"height":10}},{"id":"f5b1e7c2-a524-473f-907d-9025516084f9","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":119,"box":{"x":76,"y":405,"width":421,"height":11}},{"id":"460e5ed3-4027-41c3-8877-2144b15ab629","block_type":"box","text":"Valuation Risk.","page_number":119,"box":{"x":76,"y":428,"width":102,"height":8}},{"id":"188db9df-f86a-40a2-8297-580b599df338","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":119,"box":{"x":183,"y":428,"width":756,"height":11}},{"id":"5647f0b8-f823-489a-ba1e-aa37c9268ed3","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":119,"box":{"x":77,"y":442,"width":889,"height":11}},{"id":"69c1162c-a60e-4ba2-87f6-4a41cd57696a","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":119,"box":{"x":76,"y":456,"width":857,"height":11}},{"id":"3580fcd2-40e7-4c3e-bc6f-c0fe53c98610","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":119,"box":{"x":76,"y":470,"width":898,"height":11}},{"id":"f57a34ac-f1a4-466a-b981-e17d67334b11","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":119,"box":{"x":76,"y":485,"width":849,"height":10}},{"id":"4ada53c8-1ada-4d12-af90-dce04c5574d3","block_type":"box","text":"purchase or sell Fund shares.","page_number":119,"box":{"x":76,"y":499,"width":187,"height":11}},{"id":"9f9009fa-51ef-4756-88ac-1e71013435ba","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":119,"box":{"x":77,"y":522,"width":886,"height":11}},{"id":"0e278645-ff90-4b97-8d0d-ad705c7eab00","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":119,"box":{"x":76,"y":536,"width":890,"height":11}},{"id":"f1993711-665c-456f-a97d-41c6c354d758","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":119,"box":{"x":76,"y":550,"width":847,"height":11}},{"id":"de7167b4-2330-4229-b49f-979e7b671be1","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":119,"box":{"x":76,"y":565,"width":895,"height":10}},{"id":"177fc837-1e58-4d3f-a963-4f08f6069311","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":119,"box":{"x":76,"y":579,"width":892,"height":11}},{"id":"912fb515-d2e6-487d-9ec9-47ef1c8691a3","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":119,"box":{"x":77,"y":593,"width":857,"height":11}},{"id":"4fd5813f-4ad1-4ad9-8b33-c55b0e7b2168","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":119,"box":{"x":76,"y":607,"width":772,"height":11}},{"id":"d7e01e9a-fe5a-4de6-a65a-78f576aaf647","block_type":"box","text":"Value Securities Risk.","page_number":119,"box":{"x":76,"y":630,"width":149,"height":9}},{"id":"b1511dc6-1ccb-494a-aa16-a8eaccb0cd12","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline","page_number":119,"box":{"x":230,"y":630,"width":739,"height":11}},{"id":"15edb624-e72c-4426-a0aa-8c8284f669a1","block_type":"box","text":"in price or fail to appreciate for long periods of time, and they may never realize their full potential value because the market fails to","page_number":119,"box":{"x":76,"y":644,"width":842,"height":11}},{"id":"15ca6289-fe9d-4032-bb38-87901f46eaa1","block_type":"box","text":"recognize the stock’s intrinsic worth. Value securities may underperform growth securities and other types of assets as well as the overall","page_number":119,"box":{"x":77,"y":659,"width":880,"height":11}},{"id":"1a2f77b5-c2c1-48c9-bf33-dcbdf5cf075e","block_type":"box","text":"stock market. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":119,"box":{"x":76,"y":673,"width":871,"height":11}},{"id":"b0991290-2677-429f-a1a4-7bf7efb1b85f","block_type":"box","text":"there is no assurance that they will continue to do so. Value securities may go in and out of favor over time, which could affect the","page_number":119,"box":{"x":76,"y":687,"width":832,"height":11}},{"id":"7f064a3c-c7f3-4c1d-aa51-373e05c1d6c1","block_type":"box","text":"performance of a Fund with such holdings.","page_number":119,"box":{"x":76,"y":701,"width":271,"height":11}},{"id":"d0708ecf-eed1-4509-ab15-abb12bf2875b","block_type":"box","text":"Portfolio Holdings Information","page_number":119,"box":{"x":78,"y":730,"width":296,"height":17}},{"id":"d116bdd5-cffe-475b-9cce-123c7abeacf9","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":119,"box":{"x":76,"y":759,"width":896,"height":11}},{"id":"bebc3065-d4e2-495c-8438-5aba8997d1a1","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":119,"box":{"x":76,"y":773,"width":906,"height":11}},{"id":"99dc7d4f-08a9-4dee-96d0-b5e854db8003","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":119,"box":{"x":77,"y":788,"width":893,"height":10}},{"id":"7a1dfe2a-fd68-4f68-920e-3546a5fd3b01","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":119,"box":{"x":76,"y":802,"width":256,"height":11}},{"id":"1ab587be-9382-4351-ada5-65040adb15dc","block_type":"box","text":"Management of the Funds","page_number":119,"box":{"x":78,"y":831,"width":258,"height":17}},{"id":"ba78de3c-4954-4f4d-894a-7086f1c17add","block_type":"box","text":"Investment Adviser","page_number":119,"box":{"x":77,"y":860,"width":135,"height":8}},{"id":"15c8c17f-2281-4c2f-a737-d9b335012d85","block_type":"box","text":"22","page_number":119,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"437f0e66-72bb-4741-b2a0-28720222747d","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":120,"box":{"x":76,"y":23,"width":839,"height":11}},{"id":"60c10133-405f-48e0-8f5d-cbce7764c835","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":120,"box":{"x":76,"y":37,"width":899,"height":11}},{"id":"ab23a021-e135-458c-9d69-701d19b496d5","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":120,"box":{"x":76,"y":51,"width":886,"height":11}},{"id":"29d31914-c101-438f-b6d2-e406d521f0d3","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":120,"box":{"x":77,"y":66,"width":852,"height":11}},{"id":"36de1330-d94d-4276-b935-af760574b03f","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":120,"box":{"x":77,"y":89,"width":901,"height":11}},{"id":"32d87177-4a34-4dd0-b68b-2c99b4d67561","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":120,"box":{"x":76,"y":102,"width":823,"height":12}},{"id":"9246ab5d-2f58-463f-943f-1511075a78f4","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":120,"box":{"x":77,"y":126,"width":887,"height":11}},{"id":"845bdae0-6069-4aaf-8de2-7b541b64584e","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":120,"box":{"x":76,"y":140,"width":885,"height":11}},{"id":"ece6649a-45ee-4aec-9e09-12f1507c8162","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":120,"box":{"x":76,"y":155,"width":892,"height":10}},{"id":"f6d6f6ae-4047-4bf7-9b42-daac9f3bd2e1","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":120,"box":{"x":76,"y":169,"width":886,"height":11}},{"id":"7844ee38-0d56-41e3-ae06-bcd1d5f42308","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":120,"box":{"x":76,"y":183,"width":299,"height":11}},{"id":"ee282d7f-929f-4255-859c-9ed15eb39720","block_type":"box","text":"Fees and Expenses","page_number":120,"box":{"x":77,"y":206,"width":131,"height":11}},{"id":"681a6328-aa82-48a8-96bb-cbd3928cac07","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":120,"box":{"x":77,"y":229,"width":867,"height":11}},{"id":"f9cce132-c4af-4f78-91b8-e455e3d1dee7","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":120,"box":{"x":76,"y":244,"width":858,"height":10}},{"id":"de53a3be-5a08-4597-b046-5ee618c271a0","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":120,"box":{"x":76,"y":258,"width":891,"height":11}},{"id":"d17782c1-0554-40f0-a12a-a48ddb4257c1","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":120,"box":{"x":76,"y":272,"width":838,"height":11}},{"id":"63b3ac7f-7b94-4942-a549-d93327d21e0b","block_type":"box","text":"“interested persons” of the Trust). 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The opposite result is also","page_number":122,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"34e11410-472a-4e75-b384-19cab5569258","block_type":"box","text":"possible.","page_number":122,"box":{"x":76,"y":52,"width":56,"height":10}},{"id":"e6be77a1-7a5e-432f-b396-97341699e3b5","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":122,"box":{"x":77,"y":75,"width":888,"height":11}},{"id":"dc959d6c-c830-4e47-bc4e-9678fe04bb12","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":122,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"6c39a5ee-126c-45be-a0ee-5f7e2ebb69f8","block_type":"box","text":"employees or clients.","page_number":122,"box":{"x":76,"y":103,"width":135,"height":11}},{"id":"3d741e60-0255-464c-bc7f-15afb5df3216","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":122,"box":{"x":77,"y":126,"width":876,"height":11}},{"id":"76fbf8dc-5aa7-4042-aa7b-d0e9516308ad","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":122,"box":{"x":76,"y":140,"width":851,"height":11}},{"id":"d7f33318-ec98-4685-bd03-3309c97b5cf2","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":122,"box":{"x":76,"y":155,"width":440,"height":10}},{"id":"f15be970-f108-4274-95eb-040d1109c50d","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":122,"box":{"x":76,"y":178,"width":901,"height":11}},{"id":"303bac26-6918-461c-bfc5-adc4d17d8aa7","block_type":"box","text":"such restrictions.","page_number":122,"box":{"x":76,"y":192,"width":110,"height":8}},{"id":"4179a45c-9b4f-49a1-9059-88b8357bb456","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":122,"box":{"x":77,"y":215,"width":863,"height":11}},{"id":"9fe599da-6a62-477e-9e48-e5c2b5ade959","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. 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In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":122,"box":{"x":77,"y":258,"width":876,"height":11}},{"id":"cc990f74-ffd8-4528-9ae1-92ce585a742f","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":122,"box":{"x":76,"y":272,"width":363,"height":11}},{"id":"d116732f-464a-4121-9e29-7877d36ae727","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":122,"box":{"x":77,"y":295,"width":894,"height":11}},{"id":"2670c955-5a84-4aca-b1c7-7ca20de52e71","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":122,"box":{"x":76,"y":309,"width":860,"height":11}},{"id":"723b4cbb-9ebb-4a78-9b44-61ad116b611f","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":122,"box":{"x":77,"y":323,"width":854,"height":11}},{"id":"7ad8c0b0-c868-47ec-9197-17fb09652ac2","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":122,"box":{"x":76,"y":338,"width":894,"height":10}},{"id":"2408e237-258b-4bfa-a060-6458f0702836","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":122,"box":{"x":76,"y":352,"width":871,"height":11}},{"id":"85298f3a-d552-4c0d-9094-91908163674d","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":122,"box":{"x":76,"y":366,"width":848,"height":11}},{"id":"9aa6d7ca-5c83-4429-b4ab-b9ad6066fb45","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":122,"box":{"x":77,"y":380,"width":342,"height":11}},{"id":"7c766dde-e1bf-4700-b3fe-d63f4049c673","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":122,"box":{"x":77,"y":403,"width":893,"height":11}},{"id":"0f6f70cc-e47a-4325-9b0b-cc654f44634c","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":122,"box":{"x":76,"y":418,"width":885,"height":10}},{"id":"2dbfb048-be78-426e-8410-b632b6ccc52c","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":122,"box":{"x":76,"y":432,"width":897,"height":11}},{"id":"c3553781-152f-4666-bcfe-67457e866fcf","block_type":"box","text":"licensees.","page_number":122,"box":{"x":77,"y":446,"width":61,"height":8}},{"id":"435d8c77-5e9e-47aa-901e-f3ee87da6017","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":122,"box":{"x":76,"y":469,"width":875,"height":11}},{"id":"a627391d-17c7-454a-9270-f0d72ebff948","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":122,"box":{"x":76,"y":483,"width":886,"height":11}},{"id":"8ca2fac6-c9cb-46b2-ac99-710ebbc2b31a","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":122,"box":{"x":76,"y":498,"width":326,"height":8}},{"id":"3dc7f5bd-67f8-4ca3-850a-032e7e95a438","block_type":"box","text":"Shareholder Information","page_number":122,"box":{"x":77,"y":526,"width":240,"height":14}},{"id":"b7090a84-9dd1-4b61-8716-11939034a4ca","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":122,"box":{"x":75,"y":556,"width":821,"height":10}},{"id":"2241574f-1f00-44fe-a412-dccea59b8325","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":122,"box":{"x":78,"y":570,"width":383,"height":11}},{"id":"c8700679-9e05-40bc-b8c2-9989e50e44ef","block_type":"box","text":"Buying and Selling Shares","page_number":122,"box":{"x":77,"y":593,"width":180,"height":11}},{"id":"3de367b4-07ce-4e3e-a200-dd17f7298e0a","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":122,"box":{"x":76,"y":616,"width":839,"height":11}},{"id":"701025d7-5e60-4a09-a1d6-2a6d11e9f377","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":122,"box":{"x":76,"y":630,"width":584,"height":11}},{"id":"985715cd-67b0-4a3b-a419-f86fdc049d8c","block_type":"box","text":"i.e","page_number":122,"box":{"x":661,"y":630,"width":14,"height":9}},{"id":"de9d2804-fcbe-400f-8f32-48e1fb7b60fc","block_type":"box","text":"., financial institutions that are authorized to","page_number":122,"box":{"x":677,"y":630,"width":282,"height":10}},{"id":"46df2bd4-443f-418a-acee-9740f91d39d9","block_type":"box","text":"participate in such transactions), as described in the","page_number":122,"box":{"x":76,"y":645,"width":335,"height":10}},{"id":"94e9baf6-ab6e-4cb0-acfd-4b6bedeb2abd","block_type":"box","text":"Creations and Redemptions","page_number":122,"box":{"x":417,"y":645,"width":173,"height":10}},{"id":"2df4251f-f3bf-411a-b44d-17831ae8de40","block_type":"box","text":"section below.","page_number":122,"box":{"x":595,"y":645,"width":90,"height":8}},{"id":"d6251059-155f-4f4f-aba6-8d5816c5ee40","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":122,"box":{"x":77,"y":668,"width":904,"height":11}},{"id":"55f38f3c-b532-454d-a23e-e67094896002","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":122,"box":{"x":77,"y":682,"width":860,"height":11}},{"id":"686fa156-181a-4d12-97dc-d9bc0e7e5f84","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":122,"box":{"x":76,"y":696,"width":857,"height":11}},{"id":"fc970c2c-f62d-4e93-b5f3-4cff271d7d1c","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":122,"box":{"x":76,"y":710,"width":598,"height":11}},{"id":"10a4f4a7-87c6-4363-b23b-885b3b729dd8","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":122,"box":{"x":77,"y":733,"width":899,"height":11}},{"id":"c3770ef7-5762-453a-8d7f-55c37ff27995","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":122,"box":{"x":76,"y":748,"width":869,"height":10}},{"id":"2eb2055e-ca48-4305-9a73-dad5c5ea07ae","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":122,"box":{"x":76,"y":762,"width":888,"height":11}},{"id":"1f1fb95e-d1e0-4eb7-bcd9-6f79340874e5","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":122,"box":{"x":76,"y":776,"width":884,"height":11}},{"id":"f39899d7-d3db-4697-a224-a951d4d22073","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":122,"box":{"x":76,"y":790,"width":904,"height":11}},{"id":"368612df-f7c1-4893-a07a-5eb38b109131","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":122,"box":{"x":76,"y":804,"width":897,"height":11}},{"id":"41ccba5f-0fe1-4ff7-ab53-892b36146d77","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":122,"box":{"x":76,"y":819,"width":887,"height":10}},{"id":"2d024845-71c7-40a6-93fb-3a75e08d1c8a","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":122,"box":{"x":76,"y":833,"width":713,"height":11}},{"id":"2f625498-82c5-4c68-8ef0-3bacc2b0a41f","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":122,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"71a5ae05-f454-48b3-990b-585966f2e52f","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":122,"box":{"x":76,"y":870,"width":856,"height":11}},{"id":"8e383cba-57ea-4e3c-a36d-bc6121491bb4","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":122,"box":{"x":77,"y":884,"width":612,"height":11}},{"id":"ecb8083e-ff34-455c-9c82-da9314a07150","block_type":"box","text":"25","page_number":122,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"dc661919-8ec7-4159-b90d-a63d5dd2986e","block_type":"box","text":"Investments in Investment Companies","page_number":123,"box":{"x":77,"y":23,"width":268,"height":11}},{"id":"4e00c0e8-24b3-4cfd-ac55-97e82a5328da","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":123,"box":{"x":76,"y":46,"width":873,"height":11}},{"id":"b902da2d-00c2-4743-95b6-a06646c57e5f","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":123,"box":{"x":76,"y":61,"width":889,"height":10}},{"id":"08847962-0348-4ccb-b6ed-bb3975511bbb","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":123,"box":{"x":76,"y":75,"width":847,"height":11}},{"id":"400399f1-5cc4-403b-b332-78283299524c","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":123,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"20fd21f8-13e0-4097-9f91-b82b84244716","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":123,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"c752c52f-e20c-465e-be4b-fedc14caeb59","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":123,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"f94d680d-9395-4642-9b67-8800d9ae9663","block_type":"box","text":"investment companies and companies controlled by them.","page_number":123,"box":{"x":76,"y":131,"width":374,"height":11}},{"id":"9a9de172-2d11-4f06-a5a3-f7e8bf1aefe4","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":123,"box":{"x":77,"y":155,"width":867,"height":10}},{"id":"023990e5-0d4f-4e9c-80f9-d17192a4878d","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":123,"box":{"x":78,"y":169,"width":871,"height":11}},{"id":"076068ec-8d49-4471-89e5-2b4b05ae258b","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":123,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"11e612ef-37b8-4793-b379-1592556f5f0e","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":123,"box":{"x":76,"y":197,"width":874,"height":11}},{"id":"a6e1f087-e62e-4e32-9277-346e4437c71b","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":123,"box":{"x":78,"y":211,"width":894,"height":11}},{"id":"a0869f0d-aff5-4419-8d8f-eafdf89362ef","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":123,"box":{"x":76,"y":226,"width":367,"height":10}},{"id":"0cb2bdd2-8105-425b-b0e0-a871394f5277","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":123,"box":{"x":77,"y":249,"width":883,"height":11}},{"id":"9477e95e-0db9-4e26-8b5d-13eb1503825a","block_type":"box","text":"SEC no-action relief.","page_number":123,"box":{"x":76,"y":263,"width":130,"height":8}},{"id":"aa63e167-703a-42f2-86f2-464855c1a87f","block_type":"box","text":"Book Entry","page_number":123,"box":{"x":77,"y":286,"width":76,"height":11}},{"id":"9a2075b6-d92f-49dc-abc8-01a3126e10a0","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":123,"box":{"x":76,"y":309,"width":892,"height":11}},{"id":"46d06162-ab84-47e2-9d30-3765c440415c","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":123,"box":{"x":76,"y":323,"width":832,"height":11}},{"id":"7fe7ccc5-3969-4175-87c3-14605c5172a7","block_type":"box","text":"outstanding shares of the Funds.","page_number":123,"box":{"x":76,"y":338,"width":209,"height":11}},{"id":"59059fd3-32e1-4047-bb2c-3e8d338d5791","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":123,"box":{"x":77,"y":361,"width":885,"height":11}},{"id":"45e170b1-07bf-4cf8-aa9d-d4c1f2c1d3a7","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":123,"box":{"x":76,"y":375,"width":863,"height":11}},{"id":"3f73e9c8-6de0-454f-afc3-9ef6aebd1a21","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":123,"box":{"x":77,"y":389,"width":888,"height":11}},{"id":"7627a85b-bf68-4d46-8c03-a2522519fd1b","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. 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This could, in turn, result in a difference between the","page_number":124,"box":{"x":77,"y":451,"width":870,"height":11}},{"id":"f2ef14bc-6cb4-4ca6-8e5a-61340fb10c0b","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":124,"box":{"x":77,"y":465,"width":414,"height":11}},{"id":"2ec4471c-0169-4fb4-8455-f5e1a7dc006a","block_type":"box","text":"Dividends and Distributions","page_number":124,"box":{"x":77,"y":489,"width":192,"height":8}},{"id":"acf5c95a-e453-4473-a481-08e5814b92a9","block_type":"box","text":"General Policies.","page_number":124,"box":{"x":76,"y":512,"width":103,"height":8}},{"id":"5ccb6269-66a3-45a8-be1b-a6423f9efde3","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":124,"box":{"x":185,"y":512,"width":782,"height":11}},{"id":"7e6220d1-51b4-45b7-8496-ce9fd5c3ac2e","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":124,"box":{"x":77,"y":526,"width":887,"height":11}},{"id":"23954369-a67d-4725-a7f5-ffb0a7ac6dee","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":124,"box":{"x":76,"y":540,"width":904,"height":11}},{"id":"26cbc503-afca-4f04-9847-938af933a7e5","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":124,"box":{"x":76,"y":554,"width":893,"height":11}},{"id":"a2dc5348-89e0-4cff-b5d7-51834e269923","block_type":"box","text":"or realized gains.","page_number":124,"box":{"x":76,"y":568,"width":107,"height":11}},{"id":"0a8e1a4a-55d6-4e71-ae05-32b2c740f69a","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":124,"box":{"x":77,"y":592,"width":885,"height":10}},{"id":"117b7867-3bde-4ce7-8ede-2b922306cf0d","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":124,"box":{"x":76,"y":606,"width":856,"height":11}},{"id":"fc28fa5c-8689-4850-be25-ad500cca4f99","block_type":"box","text":"received from the Funds.","page_number":124,"box":{"x":77,"y":620,"width":157,"height":8}},{"id":"7daac5df-1f05-4d83-8cf4-40200a6c7675","block_type":"box","text":"Dividend Reinvestment Service.","page_number":124,"box":{"x":76,"y":643,"width":197,"height":9}},{"id":"7f655b3e-276b-4fc4-8939-708990d82b63","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":124,"box":{"x":280,"y":643,"width":667,"height":11}},{"id":"bee9cb83-25e5-4a51-b8a0-cf2718a92257","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":124,"box":{"x":77,"y":657,"width":899,"height":11}},{"id":"b0da11ee-1561-4bf1-93eb-f3e9e91475f9","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":124,"box":{"x":76,"y":672,"width":869,"height":10}},{"id":"4f564352-53a5-4415-af82-6cd5da593afd","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":124,"box":{"x":76,"y":686,"width":895,"height":11}},{"id":"b6091371-1a88-4dce-9b11-9ab561e14f35","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":124,"box":{"x":76,"y":700,"width":617,"height":11}},{"id":"d0869f21-c917-41bc-8b05-722fe92bfcf2","block_type":"box","text":"Note on Tax Information.","page_number":124,"box":{"x":76,"y":723,"width":167,"height":9}},{"id":"bf9399b6-a20d-49f5-a41b-159193dd0bad","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":124,"box":{"x":249,"y":723,"width":723,"height":11}},{"id":"bbef8017-00e6-4f0e-a3e6-9468a8722b29","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":124,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"731ac663-f883-4da5-901e-e6a5d4ed620b","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":124,"box":{"x":76,"y":751,"width":893,"height":11}},{"id":"9b609d78-7387-479d-aaa2-58ac3e5966dd","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":124,"box":{"x":76,"y":766,"width":893,"height":10}},{"id":"d4905ec4-cbdb-462c-8353-b3940ebaef3b","block_type":"box","text":"laws.","page_number":124,"box":{"x":76,"y":780,"width":30,"height":8}},{"id":"e362797e-8846-4089-83eb-675a6bb5c2ac","block_type":"box","text":"Taxes","page_number":124,"box":{"x":76,"y":803,"width":38,"height":9}},{"id":"2585dfcb-1aef-4cf7-a3f4-0462febd806e","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":124,"box":{"x":76,"y":826,"width":874,"height":11}},{"id":"ce485689-77ca-484a-9e89-b129a071e5d1","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":124,"box":{"x":76,"y":840,"width":877,"height":11}},{"id":"f8844c94-23df-42b2-8f4e-94c800ed863c","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":124,"box":{"x":76,"y":855,"width":895,"height":10}},{"id":"d80c6897-af46-4c77-a74e-221b9329efd0","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":124,"box":{"x":76,"y":869,"width":594,"height":11}},{"id":"919e99cb-2abc-4c48-b765-45fb0a26e4fd","block_type":"box","text":"27","page_number":124,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"e297ca43-778b-4e88-bb94-722464c76baf","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a","page_number":124,"box":{"x":76,"y":140,"width":786,"height":11}},{"id":"15cfd631-8b00-468c-ad5c-8ce15ce08a2f","block_type":"box","text":"mathematical model that may incorporate a number of market data","page_number":124,"box":{"x":76,"y":155,"width":431,"height":10}},{"id":"5933814c-0b4b-492c-89ce-fd02246b8f37","block_type":"box","text":"factors.","page_number":124,"box":{"x":512,"y":155,"width":48,"height":8}},{"id":"8e7bd3b9-dc21-44a0-8e38-414deeffa277","block_type":"box","text":"Taxes on Fund Distributions","page_number":125,"box":{"x":76,"y":23,"width":194,"height":9}},{"id":"3e32ee87-a2e1-47f9-b2f2-7da990ed51c6","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":125,"box":{"x":76,"y":46,"width":863,"height":11}},{"id":"d15c41db-fd06-4388-941a-a3e2e40f0637","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":125,"box":{"x":76,"y":61,"width":873,"height":10}},{"id":"541e4f59-0543-446f-a78d-e9942e8c9c4e","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":125,"box":{"x":76,"y":75,"width":713,"height":10}},{"id":"f5e4f0da-2522-49b9-b86a-78e859ba8d34","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":125,"box":{"x":77,"y":98,"width":902,"height":11}},{"id":"b491a672-6dda-4e83-8caa-190f4663b0c2","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":125,"box":{"x":76,"y":112,"width":365,"height":11}},{"id":"4dcdb256-98aa-4cf8-a821-db5fd6fdc3e4","block_type":"box","text":"Capital Gains.","page_number":125,"box":{"x":76,"y":135,"width":86,"height":11}},{"id":"72fcc540-850d-4e8f-81f8-5b749997b8c0","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":125,"box":{"x":169,"y":135,"width":785,"height":11}},{"id":"8dcec7a9-08c7-4823-889d-3e9a49bde601","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":125,"box":{"x":76,"y":149,"width":857,"height":11}},{"id":"445a5028-c2d6-4503-aef4-52393b9ef581","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":125,"box":{"x":76,"y":164,"width":878,"height":10}},{"id":"fbc0e895-9850-412f-85f4-874f5e4b5861","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":125,"box":{"x":77,"y":178,"width":871,"height":11}},{"id":"913caf92-ce38-4c64-924c-7b3793e41068","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":125,"box":{"x":76,"y":192,"width":892,"height":11}},{"id":"5deed3d3-96f7-4227-942f-7ef54f33d750","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":125,"box":{"x":76,"y":206,"width":878,"height":11}},{"id":"a33dd932-7a04-4d5b-8a6d-46c6082e90f2","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":125,"box":{"x":77,"y":220,"width":289,"height":11}},{"id":"8a305345-62fe-4bfe-b36c-75f746444e89","block_type":"box","text":"Return of Capital.","page_number":125,"box":{"x":76,"y":244,"width":108,"height":10}},{"id":"1e6e911d-e73c-4e2b-a77a-2da3ee6c8005","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":125,"box":{"x":191,"y":244,"width":775,"height":10}},{"id":"63918e6d-2b5c-4abe-9ff9-d097225043e5","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":125,"box":{"x":76,"y":258,"width":904,"height":11}},{"id":"8ebdbda1-7a42-477b-9cf4-8059da2cdd8d","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":125,"box":{"x":76,"y":272,"width":888,"height":11}},{"id":"9eb8f6ab-1c2e-4b9d-8578-f4cba6467c68","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":125,"box":{"x":76,"y":286,"width":843,"height":11}},{"id":"72c9e245-feba-41ae-84a8-affb3e010e23","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":125,"box":{"x":76,"y":300,"width":874,"height":11}},{"id":"41db26f1-bcd4-4d6f-be5b-3fb134625299","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":125,"box":{"x":76,"y":314,"width":803,"height":11}},{"id":"e7980db0-172d-4d17-b564-3a4a699e2ca7","block_type":"box","text":"Qualified Dividend Income.","page_number":125,"box":{"x":76,"y":338,"width":167,"height":8}},{"id":"b02296f0-055f-44d4-aa64-b3789a27e0f2","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":125,"box":{"x":249,"y":338,"width":702,"height":11}},{"id":"4ed63076-a2cd-4327-a452-e70e07d3f263","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":125,"box":{"x":76,"y":352,"width":848,"height":11}},{"id":"c1227222-b14d-4dc3-828a-75750addfa1c","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":125,"box":{"x":76,"y":366,"width":846,"height":11}},{"id":"057c35b1-5f0a-455c-aed1-f1fc6a0bf800","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":125,"box":{"x":76,"y":380,"width":872,"height":11}},{"id":"b60c1558-630a-4a45-94f0-37e385370e8b","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":125,"box":{"x":76,"y":394,"width":892,"height":11}},{"id":"2eb25357-566d-4d25-b8ac-d9f013c8e33c","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":125,"box":{"x":76,"y":409,"width":886,"height":10}},{"id":"de282c56-45fd-46c7-9c08-a79e5858d6e4","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":125,"box":{"x":76,"y":423,"width":854,"height":11}},{"id":"a0682fe0-c364-4367-9e22-0f626cad57d5","block_type":"box","text":"company.","page_number":125,"box":{"x":76,"y":439,"width":60,"height":9}},{"id":"79fa53d9-9508-4595-b47d-f181b5c78e3f","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":125,"box":{"x":77,"y":460,"width":904,"height":11}},{"id":"ee20375e-6261-4f12-9da2-db50a2be6e0b","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":125,"box":{"x":76,"y":474,"width":901,"height":11}},{"id":"c6bc0cb3-73a0-47b5-bf20-cb439dfb1521","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":125,"box":{"x":76,"y":489,"width":865,"height":10}},{"id":"7b043394-b8f9-416c-9a35-4df741df2248","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":125,"box":{"x":76,"y":503,"width":895,"height":11}},{"id":"ffe67033-f679-4303-9122-e4dd94b7b41b","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":125,"box":{"x":76,"y":517,"width":428,"height":11}},{"id":"87f4783f-29d8-495f-9c46-62958a6c2127","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":125,"box":{"x":77,"y":540,"width":891,"height":11}},{"id":"e8225b0d-b5ef-46fe-97c0-6fe97cbbead8","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":125,"box":{"x":77,"y":554,"width":861,"height":11}},{"id":"b034904f-1b2b-40ca-afb8-515b6627584e","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":125,"box":{"x":76,"y":568,"width":883,"height":11}},{"id":"75141e26-ae71-4a55-a12e-31366f02a324","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":125,"box":{"x":76,"y":583,"width":682,"height":10}},{"id":"1b0beecf-73a9-4c94-ba34-6af522a34c2a","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":125,"box":{"x":77,"y":606,"width":872,"height":11}},{"id":"9bbf1245-62b4-4b62-938a-a77b4b2534ad","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":125,"box":{"x":77,"y":620,"width":603,"height":11}},{"id":"68a59695-f21c-4b9b-bf9d-5d679e71239d","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":125,"box":{"x":76,"y":643,"width":876,"height":11}},{"id":"d417c881-cece-4f77-a78e-f34893e58833","block_type":"box","text":"Medicare Tax.","page_number":125,"box":{"x":76,"y":666,"width":85,"height":9}},{"id":"8f1e8c21-b3f9-41eb-9e9e-e5eb81a97a34","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":125,"box":{"x":167,"y":666,"width":791,"height":11}},{"id":"865c32fc-9df0-4f2c-acdb-c835daab5a4b","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":125,"box":{"x":76,"y":680,"width":876,"height":11}},{"id":"9fdfb806-f14b-4cc2-8e7a-bab7a1ff11a5","block_type":"box","text":"trusts.","page_number":125,"box":{"x":76,"y":696,"width":40,"height":7}},{"id":"29331e4a-8528-42b6-ab2f-7c6ffd4752d4","block_type":"box","text":"Alternative Minimum Tax.","page_number":125,"box":{"x":75,"y":718,"width":157,"height":8}},{"id":"dbeefb54-965f-43bf-8b18-301f30c5576b","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":125,"box":{"x":238,"y":718,"width":738,"height":11}},{"id":"f8e12821-d31e-4994-a029-9c9e40b80832","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":125,"box":{"x":76,"y":732,"width":833,"height":11}},{"id":"c5b7e47e-5af8-4d9e-a1aa-dced67499677","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":125,"box":{"x":76,"y":746,"width":877,"height":11}},{"id":"b8b4a0a0-da85-4293-b033-e85b94e9533c","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":125,"box":{"x":77,"y":761,"width":903,"height":10}},{"id":"50e8a45c-1ac2-405f-8e91-ae8c6fc0141a","block_type":"box","text":"liability and the regular income tax liability.","page_number":125,"box":{"x":77,"y":775,"width":271,"height":11}},{"id":"1ebf8726-a0b4-429a-93d4-30850439a044","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":125,"box":{"x":76,"y":798,"width":406,"height":11}},{"id":"e9b71807-60c7-421c-ab85-fdd1023fe3cd","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":125,"box":{"x":76,"y":821,"width":892,"height":11}},{"id":"7ed59b24-b02e-4ad5-b705-39058e6ef162","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":125,"box":{"x":76,"y":835,"width":874,"height":11}},{"id":"3ef75f19-1705-41f4-b613-e7a436a7b7bc","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":125,"box":{"x":76,"y":850,"width":864,"height":10}},{"id":"665417cf-a8da-450d-b366-c35a81c51cad","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":125,"box":{"x":76,"y":864,"width":895,"height":10}},{"id":"8c7ab15a-4dbe-4441-9147-792920accf2a","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":125,"box":{"x":77,"y":878,"width":896,"height":11}},{"id":"57cc68c5-1032-43d4-88f8-bb77d3ac5f8a","block_type":"box","text":"28","page_number":125,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"5b45bc3f-97bb-4bdb-abb3-541dd4a20956","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":126,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"0aefc4a2-8371-428e-8d1a-04484b37c073","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":126,"box":{"x":76,"y":37,"width":707,"height":11}},{"id":"a9902f24-b2ec-466d-8de4-03f76e2daab8","block_type":"box","text":"Market Discount Bonds","page_number":126,"box":{"x":77,"y":61,"width":162,"height":8}},{"id":"53b52dd2-e7d8-4055-b522-8502c0ae4ec7","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":126,"box":{"x":76,"y":84,"width":898,"height":11}},{"id":"313d8695-a259-48a5-a318-98b0df3a11ca","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":126,"box":{"x":76,"y":98,"width":903,"height":11}},{"id":"e9f58923-2e7c-40bc-863e-6cba170a0356","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":126,"box":{"x":76,"y":112,"width":898,"height":11}},{"id":"edd3c68f-194c-4c88-94bd-49a8de64270c","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":126,"box":{"x":76,"y":126,"width":626,"height":11}},{"id":"019f2a1c-7fc0-4c20-913a-aeff63fc1b92","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":126,"box":{"x":77,"y":149,"width":307,"height":11}},{"id":"f8af2d9e-fc19-46d2-a857-2dcaa666e026","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":126,"box":{"x":76,"y":173,"width":874,"height":10}},{"id":"fb8a0feb-a31c-459f-a63c-e3e5c69c8239","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":126,"box":{"x":76,"y":187,"width":860,"height":11}},{"id":"4725726f-c401-4ead-b482-d72eb71e1c50","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":126,"box":{"x":77,"y":201,"width":852,"height":11}},{"id":"80483cd8-9863-4012-b9d1-50088b03c2ac","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":126,"box":{"x":76,"y":215,"width":863,"height":11}},{"id":"4d5488d2-f8fb-48de-b418-3e9a4a3b65f7","block_type":"box","text":"Non-U.S. Income Taxes","page_number":126,"box":{"x":77,"y":238,"width":158,"height":9}},{"id":"1883a43b-90a8-4215-82c8-7856d6b58fe7","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":126,"box":{"x":77,"y":262,"width":837,"height":10}},{"id":"2b4c7b5e-67c5-4d32-8fef-5bc694907a3a","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":126,"box":{"x":76,"y":276,"width":863,"height":11}},{"id":"8783079a-2e93-48bc-9e8c-7645c084d18f","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":126,"box":{"x":77,"y":290,"width":865,"height":11}},{"id":"86dd5cd3-bec8-4ce6-8839-d3a1d67fd5c6","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":126,"box":{"x":77,"y":304,"width":875,"height":11}},{"id":"f83290d0-f148-4998-b072-47250b5453cf","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":126,"box":{"x":77,"y":318,"width":895,"height":11}},{"id":"aab718d9-78a5-4ab1-bbbd-f1a6859f8d6d","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":126,"box":{"x":76,"y":333,"width":888,"height":10}},{"id":"81908a81-0b0b-46bc-906c-b36316f9773d","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":126,"box":{"x":76,"y":347,"width":875,"height":11}},{"id":"cdc0135a-16a7-47c3-860a-b04bafd14897","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":126,"box":{"x":76,"y":361,"width":896,"height":11}},{"id":"dfb3ff1b-510c-4a47-8258-b482fbbe47b8","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":126,"box":{"x":76,"y":375,"width":635,"height":11}},{"id":"1444a5f0-92ad-4d21-bf37-7b3cd9ea3fb2","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":126,"box":{"x":77,"y":398,"width":896,"height":11}},{"id":"e0637699-6a08-4374-8dd1-031041707186","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":126,"box":{"x":76,"y":412,"width":903,"height":11}},{"id":"f3a5b00a-3789-481b-a870-cc03fa03e1cd","block_type":"box","text":"could be reduced.","page_number":126,"box":{"x":76,"y":427,"width":114,"height":8}},{"id":"11f7940e-3649-4082-a94a-6d8432821e79","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":126,"box":{"x":77,"y":450,"width":853,"height":11}},{"id":"488d44d4-688e-4a9c-8695-1ee05f01c0c4","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":126,"box":{"x":76,"y":464,"width":900,"height":11}},{"id":"13d25206-76aa-4281-a0d4-ade73e9e9c78","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":126,"box":{"x":76,"y":478,"width":876,"height":11}},{"id":"25fcccbd-8589-4de5-bab8-6e479e5c7aac","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":126,"box":{"x":76,"y":492,"width":509,"height":11}},{"id":"75aa574e-0097-4350-a145-63c39c3add12","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":126,"box":{"x":77,"y":516,"width":879,"height":10}},{"id":"2060c18f-bf3b-492f-8125-bbb8caa2ee58","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":126,"box":{"x":76,"y":530,"width":407,"height":11}},{"id":"40d99d35-0b28-4907-accd-1a8163414a16","block_type":"box","text":"Non-U.S. Shareholders","page_number":126,"box":{"x":77,"y":553,"width":156,"height":8}},{"id":"244428c9-c08f-4253-bd27-6c17d5461ac7","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":126,"box":{"x":77,"y":576,"width":888,"height":11}},{"id":"5cd71d14-cbda-4f65-927a-b9a30a1300bb","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":126,"box":{"x":77,"y":590,"width":904,"height":11}},{"id":"06638e4d-6024-4412-b2e6-bed3127eff49","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":126,"box":{"x":77,"y":605,"width":868,"height":10}},{"id":"fe9a88a9-2ead-4ca1-ac35-2d26c95ac08f","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":126,"box":{"x":76,"y":619,"width":886,"height":11}},{"id":"41bb072d-cd34-4816-b892-52b029af88b9","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":126,"box":{"x":76,"y":633,"width":499,"height":11}},{"id":"908fbb83-e277-4f0b-b12b-6f283d1a6133","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":126,"box":{"x":76,"y":656,"width":896,"height":11}},{"id":"fa54282c-fb0a-4785-8067-fec870ea0960","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":126,"box":{"x":76,"y":670,"width":894,"height":11}},{"id":"cc663c5f-8f1b-4bdf-93f9-37ef91adc438","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":126,"box":{"x":77,"y":684,"width":262,"height":11}},{"id":"d27320b3-9574-47b7-9fbe-62b958e1c313","block_type":"box","text":"Backup Withholding","page_number":126,"box":{"x":77,"y":708,"width":139,"height":10}},{"id":"148c0c86-b419-48b8-9d0c-e0cc208c7e9d","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":126,"box":{"x":77,"y":731,"width":890,"height":11}},{"id":"f3ff6245-59b6-4841-86a4-9f2e95bd3ce3","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":126,"box":{"x":76,"y":745,"width":789,"height":11}},{"id":"18e7af0a-edd3-43d3-8b56-743e465b7bac","block_type":"box","text":"Securities Lending","page_number":126,"box":{"x":76,"y":768,"width":129,"height":11}},{"id":"996fa6a4-c7fb-4ca9-b852-36fdc73c8c03","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":126,"box":{"x":77,"y":791,"width":901,"height":11}},{"id":"7d54712d-b4b9-4d4c-9ffd-ea3b66c984ef","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":126,"box":{"x":76,"y":806,"width":892,"height":10}},{"id":"f2e40a24-f071-4c07-b0f5-33292460fdca","block_type":"box","text":"through by the Fund.","page_number":126,"box":{"x":76,"y":820,"width":132,"height":11}},{"id":"2cad9f34-0c4b-47ae-8da1-6357f0edef44","block_type":"box","text":"Fund of Funds","page_number":126,"box":{"x":77,"y":843,"width":98,"height":9}},{"id":"ea18ffe0-a0b0-4bde-8a27-08bd7525d886","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":126,"box":{"x":77,"y":866,"width":844,"height":11}},{"id":"fc6fec7d-ef7f-418d-a4f6-2e61a1896b6b","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":126,"box":{"x":76,"y":880,"width":870,"height":11}},{"id":"5e2d1759-27cc-4fbc-bf7b-bdcfc3f40ab6","block_type":"box","text":"29","page_number":126,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"ef11f0b4-de48-4ddb-9f9e-663115c5b884","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":127,"box":{"x":77,"y":23,"width":864,"height":11}},{"id":"dfce7c1d-74f1-4c82-a260-cf56e7a7f0c8","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":127,"box":{"x":76,"y":37,"width":643,"height":11}},{"id":"8954943b-5c94-4cdb-96d9-8d51f6a0a1b2","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":127,"box":{"x":76,"y":60,"width":350,"height":11}},{"id":"e9818ed7-c972-4fa2-a321-5fe54e847d71","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":127,"box":{"x":76,"y":84,"width":876,"height":11}},{"id":"54780be9-5890-4f5e-bd29-fef713250f48","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":127,"box":{"x":77,"y":98,"width":896,"height":11}},{"id":"97626228-08a3-43da-933b-3a2179f835dd","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":127,"box":{"x":76,"y":112,"width":870,"height":11}},{"id":"5d66e51d-af4a-4968-b75b-1c4591fa382f","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":127,"box":{"x":77,"y":126,"width":892,"height":11}},{"id":"0626a221-298b-4e60-a6f1-27bc68c6ed4a","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":127,"box":{"x":76,"y":140,"width":892,"height":11}},{"id":"e5764c6c-ec12-4ea6-a3d7-505f8b0bba1a","block_type":"box","text":"contribution tax mentioned above.","page_number":127,"box":{"x":76,"y":155,"width":219,"height":8}},{"id":"90002cec-c6d2-415e-b540-84d88144b390","block_type":"box","text":"Creations and Redemptions","page_number":127,"box":{"x":76,"y":178,"width":193,"height":11}},{"id":"e54aec52-a207-4ed5-b891-826bc91f3f5d","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":127,"box":{"x":77,"y":201,"width":693,"height":11}},{"id":"5b811510-99f8-4bc0-9ad2-dd0990636d16","block_type":"box","text":"i.e.","page_number":127,"box":{"x":771,"y":201,"width":17,"height":9}},{"id":"3659ed5d-44af-4868-8237-6f01a78fbdee","block_type":"box","text":", market makers, large","page_number":127,"box":{"x":790,"y":201,"width":143,"height":11}},{"id":"a08f608c-c1be-4146-a76d-3f22d7ad183c","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":127,"box":{"x":76,"y":215,"width":866,"height":11}},{"id":"325c6c6b-8166-45e1-8b3d-ffbd03f80128","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":127,"box":{"x":76,"y":229,"width":650,"height":11}},{"id":"5d965cf7-cf99-42fa-9026-6b8b9255f8e3","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":127,"box":{"x":77,"y":253,"width":832,"height":10}},{"id":"b63ad8e1-07b0-466f-af29-22ad8ceb53c6","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":127,"box":{"x":76,"y":267,"width":891,"height":11}},{"id":"489b2d8e-0bca-4da5-b2fd-7d1b0d8a1904","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":127,"box":{"x":76,"y":281,"width":874,"height":11}},{"id":"4624fb24-d470-4a0f-bda9-34ffa0dd4f39","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":127,"box":{"x":76,"y":295,"width":904,"height":11}},{"id":"79e61929-496a-4ad5-be71-3e0dbb73465e","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":127,"box":{"x":76,"y":318,"width":875,"height":11}},{"id":"5046184b-0836-440b-b9cf-eb7d0bd2673b","block_type":"box","text":"cash.","page_number":127,"box":{"x":76,"y":333,"width":33,"height":8}},{"id":"661f03cc-677a-4782-884f-2ebea0ff501d","block_type":"box","text":"In-Kind","page_number":127,"box":{"x":76,"y":356,"width":45,"height":8}},{"id":"d2765e70-b391-43b2-acd7-efb12b49b57b","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":127,"box":{"x":122,"y":356,"width":860,"height":10}},{"id":"83332eb6-dfd1-457f-aa87-38912664174d","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":127,"box":{"x":76,"y":370,"width":898,"height":11}},{"id":"c69105a2-2492-49a3-bf42-5d6b4b8e1bb5","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":127,"box":{"x":77,"y":384,"width":851,"height":11}},{"id":"ab6e021e-0b28-45d3-9392-49b6b50e855c","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":127,"box":{"x":76,"y":398,"width":686,"height":11}},{"id":"feddb137-7608-4216-902f-f25b83b23dcc","block_type":"box","text":"Partial Cash","page_number":127,"box":{"x":76,"y":421,"width":74,"height":9}},{"id":"9e49a363-9516-4063-ac0a-24e8a9e60d7a","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":127,"box":{"x":152,"y":422,"width":806,"height":10}},{"id":"faaaa7b1-3a18-45f6-b204-bb853e25c2f1","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":127,"box":{"x":76,"y":436,"width":870,"height":10}},{"id":"33dc0b06-5556-4b07-8589-a8a2ca28f8b1","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":127,"box":{"x":77,"y":450,"width":870,"height":11}},{"id":"9e45b3e7-0b8c-4a22-b3e3-29a9d2c14a65","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":127,"box":{"x":77,"y":464,"width":380,"height":11}},{"id":"90b4e3a2-69e3-49a7-ab78-19f5b9aed0c2","block_type":"box","text":"All Cash","page_number":127,"box":{"x":75,"y":487,"width":51,"height":9}},{"id":"2de68a73-e60d-4c58-8336-fe8c8bab1344","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":127,"box":{"x":128,"y":487,"width":833,"height":11}},{"id":"58a3d7c5-903b-4af7-bf90-f15c0f375c51","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":127,"box":{"x":76,"y":501,"width":869,"height":11}},{"id":"6db3c43a-7b3b-497a-8eac-0d440882e8cb","block_type":"box","text":"specified amount of cash.","page_number":127,"box":{"x":76,"y":516,"width":164,"height":10}},{"id":"2a2c05b8-5dd2-4051-9798-430c47864fe8","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":127,"box":{"x":76,"y":539,"width":845,"height":11}},{"id":"f8b126a6-8150-40dc-83e8-adddc52272c0","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":127,"box":{"x":76,"y":553,"width":408,"height":11}},{"id":"ee065b64-ce73-45e0-bae7-accbcab738f1","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":127,"box":{"x":77,"y":576,"width":855,"height":11}},{"id":"43ace714-281e-4b25-a10d-3f9040ba7fba","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":127,"box":{"x":76,"y":590,"width":455,"height":11}},{"id":"ee04467d-469e-46a0-ba7d-cc6415b1a054","block_type":"box","text":"e.g.","page_number":127,"box":{"x":532,"y":593,"width":21,"height":8}},{"id":"d1cb8178-bd4b-469a-92cd-7e6c2ed0224d","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":127,"box":{"x":555,"y":590,"width":354,"height":11}},{"id":"c7bd07b8-403e-4828-b096-8e2aa28f017a","block_type":"box","text":"Fund","page_number":127,"box":{"x":87,"y":622,"width":33,"height":8}},{"id":"c23b195f-52a5-4d41-abf7-50446ccd1eb3","block_type":"box","text":"In-Kind Partial All Cash","page_number":127,"box":{"x":621,"y":622,"width":296,"height":8}},{"id":"fc01b940-0258-4860-8ca4-22504eb15a5e","block_type":"box","text":"iShares China Large-Cap ETF","page_number":127,"box":{"x":87,"y":640,"width":185,"height":11}},{"id":"5b9a77b9-e5dc-4a74-944b-5786d55798ac","block_type":"box","text":"iShares Global Equity Factor ETF","page_number":127,"box":{"x":87,"y":658,"width":207,"height":11}},{"id":"4df7249c-0418-4f38-a127-ebc2e6225488","block_type":"box","text":"iShares International Equity Factor ETF","page_number":127,"box":{"x":87,"y":676,"width":247,"height":11}},{"id":"e817f617-d1b6-47eb-8f9f-c09cdb722383","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF","page_number":127,"box":{"x":87,"y":694,"width":317,"height":11}},{"id":"613cd477-20f5-47cd-bd48-1e4bc4f36dc4","block_type":"box","text":"iShares MSCI EAFE Growth ETF","page_number":127,"box":{"x":87,"y":712,"width":201,"height":8}},{"id":"58af9bb6-231b-49b2-8b23-17e0e8c44d6f","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF","page_number":127,"box":{"x":87,"y":730,"width":246,"height":8}},{"id":"cb2b6970-1978-4ff3-b099-c285ef747674","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":127,"box":{"x":87,"y":748,"width":220,"height":11}},{"id":"35ce5fc6-344e-4d48-ae48-04549df7b202","block_type":"box","text":"iShares MSCI EAFE Value ETF","page_number":127,"box":{"x":87,"y":766,"width":189,"height":8}},{"id":"9b88c75c-8c0d-4a3f-90c7-f8f0e27ee916","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF","page_number":127,"box":{"x":87,"y":784,"width":232,"height":11}},{"id":"04e69f40-250c-45af-953d-3a5889aa80cc","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":127,"box":{"x":87,"y":802,"width":260,"height":9}},{"id":"977665fb-a5a6-4fe1-845f-5f51feaa0b25","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":127,"box":{"x":87,"y":820,"width":231,"height":11}},{"id":"ff4780d8-3f48-4a25-a8b5-96a28979384c","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":127,"box":{"x":87,"y":838,"width":221,"height":9}},{"id":"475b7ca0-ce04-4fd3-a30f-5b72fdc45ca4","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":127,"box":{"x":76,"y":868,"width":897,"height":11}},{"id":"103636d4-7e70-422d-94ab-d65eccb7b640","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":127,"box":{"x":76,"y":882,"width":905,"height":11}},{"id":"8479fb7c-c0fd-4b65-8ae4-0fcf7aadaba5","block_type":"box","text":"30","page_number":127,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"b3b35add-ebe1-495d-986f-873e7487e205","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":128,"box":{"x":76,"y":23,"width":849,"height":11}},{"id":"23b1bb32-0898-476e-a78b-2b7d2bdf2ac0","block_type":"box","text":"instructions or may not be executed at all.","page_number":128,"box":{"x":76,"y":37,"width":269,"height":11}},{"id":"c0c55d56-2adf-461c-8489-081b9d2a3c96","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":128,"box":{"x":76,"y":61,"width":854,"height":10}},{"id":"15070633-4043-4ff5-8d7a-4d49080f2214","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":128,"box":{"x":77,"y":75,"width":310,"height":10}},{"id":"e70d5ba7-f69b-4e17-be2a-408ed0809a1d","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":128,"box":{"x":76,"y":98,"width":848,"height":11}},{"id":"3822e62f-bc59-477f-8569-55e7d49dedae","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":128,"box":{"x":76,"y":112,"width":876,"height":11}},{"id":"3d1699e7-80df-4e9b-b80b-6f2b0fe79aad","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":128,"box":{"x":76,"y":126,"width":894,"height":11}},{"id":"841ce009-c538-45a1-929b-d5da6a9c989d","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":128,"box":{"x":76,"y":140,"width":898,"height":11}},{"id":"251de834-51b1-444a-be22-5ff608aa1ca0","block_type":"box","text":"taken certain measures (","page_number":128,"box":{"x":76,"y":155,"width":158,"height":10}},{"id":"b7ea7d7a-0026-460b-9218-7151de900c5b","block_type":"box","text":"e.g.","page_number":128,"box":{"x":235,"y":157,"width":21,"height":8}},{"id":"469ee154-43f9-4a0b-a0e5-5afdac37ab7e","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":128,"box":{"x":259,"y":155,"width":694,"height":10}},{"id":"eed0e5d6-22c9-4a59-b84e-0ed82c7ebf5a","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":128,"box":{"x":76,"y":169,"width":835,"height":11}},{"id":"d5153b33-12ac-4eb6-8c70-24d72fb01561","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":128,"box":{"x":77,"y":183,"width":894,"height":11}},{"id":"f2a5030f-aa06-415e-bca2-65cf87f4f641","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":128,"box":{"x":76,"y":197,"width":900,"height":11}},{"id":"be63af11-788a-4b4e-9b63-6ec01033f175","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":128,"box":{"x":77,"y":211,"width":892,"height":11}},{"id":"deacb228-0bdb-4c5a-b040-ab1f97db68c9","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":128,"box":{"x":76,"y":235,"width":898,"height":10}},{"id":"64a7d6f1-2e2a-49d8-9b13-817ca671b721","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":128,"box":{"x":76,"y":249,"width":896,"height":11}},{"id":"a456480d-b8c7-42b7-861c-9a2444222107","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":128,"box":{"x":76,"y":263,"width":844,"height":11}},{"id":"466060af-ee0f-440e-9cf8-765d7aeaabc8","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":128,"box":{"x":76,"y":277,"width":885,"height":11}},{"id":"bc3058a9-cae1-4e1d-8847-63e9dbb62bd2","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":128,"box":{"x":76,"y":291,"width":838,"height":11}},{"id":"192cbb20-0c5a-4e8d-ac1d-e612f8ec8400","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":128,"box":{"x":77,"y":314,"width":886,"height":11}},{"id":"e815463f-f170-48cf-91d7-47aad6bcf17a","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":128,"box":{"x":77,"y":329,"width":902,"height":10}},{"id":"842c48a5-a7a1-456e-9791-cf761fc61c43","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":128,"box":{"x":76,"y":343,"width":868,"height":11}},{"id":"b5f86439-886a-438a-b410-59da1a278333","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":128,"box":{"x":76,"y":357,"width":901,"height":11}},{"id":"a580558c-6668-45ae-b68b-0ed91776767c","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":128,"box":{"x":76,"y":371,"width":464,"height":11}},{"id":"2710ec55-11b8-4621-971a-d38db204f3b3","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":128,"box":{"x":77,"y":394,"width":868,"height":11}},{"id":"af92a46b-88df-4a55-90a6-2faa350f1c9c","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":128,"box":{"x":76,"y":409,"width":889,"height":10}},{"id":"c02b536a-e192-41b2-a588-a1dd27736e4a","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":128,"box":{"x":78,"y":423,"width":892,"height":11}},{"id":"3da3a7b5-aca0-42fe-95f6-a5db9fc46524","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":128,"box":{"x":76,"y":437,"width":892,"height":11}},{"id":"84187ae5-f480-4166-bb0d-9a90d2f54b29","block_type":"box","text":"transactions on a national securities exchange.","page_number":128,"box":{"x":76,"y":451,"width":300,"height":11}},{"id":"43d2e18b-e502-43dc-9b99-74b329ef14a4","block_type":"box","text":"Householding","page_number":128,"box":{"x":77,"y":474,"width":95,"height":11}},{"id":"8ba4e549-c1a3-4f57-a5b9-cf83d0d5fdf9","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":128,"box":{"x":77,"y":498,"width":903,"height":10}},{"id":"7f7d2246-5739-4596-9419-a267fb0a93d0","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":128,"box":{"x":76,"y":512,"width":880,"height":11}},{"id":"61fea458-160d-4b73-ac70-d48c9545b661","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":128,"box":{"x":76,"y":526,"width":862,"height":11}},{"id":"be098e8f-fb55-46de-b4cc-98c102bd40f1","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":128,"box":{"x":77,"y":540,"width":855,"height":11}},{"id":"86b159dd-473b-41c4-b8c1-cc0201e95c96","block_type":"box","text":"change your householding status.","page_number":128,"box":{"x":76,"y":554,"width":214,"height":11}},{"id":"196823bb-b9e0-4e5a-8a7d-733384d245cf","block_type":"box","text":"Distribution","page_number":128,"box":{"x":78,"y":583,"width":113,"height":13}},{"id":"2921bcb9-9963-48e9-ad6c-8a055555c1e5","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":128,"box":{"x":76,"y":612,"width":859,"height":11}},{"id":"93057cfd-1ac0-44b9-847a-6136af3992f1","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":128,"box":{"x":76,"y":626,"width":857,"height":11}},{"id":"a7230996-72ab-44b5-9184-ff91ae586736","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":128,"box":{"x":76,"y":641,"width":824,"height":10}},{"id":"2a692c54-5c00-4304-9790-893a9849e34f","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":128,"box":{"x":77,"y":664,"width":808,"height":11}},{"id":"e3c1af63-3c67-4e61-adfd-1b159ffe2913","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":128,"box":{"x":76,"y":678,"width":844,"height":11}},{"id":"3aacd80d-4020-4696-a946-c04d85a8ef2c","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":128,"box":{"x":76,"y":692,"width":855,"height":11}},{"id":"e00fe815-d356-4ea3-be59-cadc1f1e64a0","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":128,"box":{"x":76,"y":706,"width":871,"height":11}},{"id":"d35c1560-c22b-4808-bb65-68b8c71218cb","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":128,"box":{"x":77,"y":721,"width":894,"height":10}},{"id":"4b993dcc-57fd-4aa9-94f9-bbde727f7422","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":128,"box":{"x":76,"y":735,"width":867,"height":11}},{"id":"5ebebd5b-8600-4df0-95c7-820f006ddfa8","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":128,"box":{"x":76,"y":749,"width":905,"height":11}},{"id":"54afaec5-3490-4a13-8314-9f31486b6991","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. 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